https://www.taxtmi.com/caselaws?id=10142 The court allowed the appeal, setting aside the order of the learned single judge. It emphasized that the assessing authority had the jurisdiction to reopen the assessment under Section 147 of the Income-tax Act, 1961, based on the belief that income had escaped assessment due to the assessee's failure to fully disclose material facts. The court found the reasons provided by the assessing authority, including the failure to disclose lease agreement details, sufficient to justify the reassessment. The court clarified that its decision did not imply an opinion on the case's merits and advised the noticee to follow proper procedural steps in response to the notice. en-us Wed, 22 Sep 2004 00:00:00 +0530 Wed, 08 Jul 2009 08:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10142 The court allowed the appeal, setting aside the order of the learned single judge. It emphasized that the assessing authority had the jurisdiction to reopen the assessment under Section 147 of the Income-tax Act, 1961, based on the belief that income had escaped assessment due to the assessee's failure to fully disclose material facts. The court found the reasons provided by the assessing authority, including the failure to disclose lease agreement details, sufficient to justify the reassessment. The court clarified that its decision did not imply an opinion on the case's merits and advised the noticee to follow proper procedural steps in response to the notice. Case-Laws Income Tax Wed, 22 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10142