https://www.taxtmi.com/caselaws?id=349165 The court upheld the legality of re-assessment proceedings initiated under Section 148 of the Income Tax Act, 1961 for the assessment year 2008-09. It emphasized the necessity of "reasons to believe" for reopening assessments, based on new material indicating income evasion. The court ruled that the petitioner's disclosure was not full and true, as the transaction was a sham to convert black money. Additionally, the notice issued beyond the four-year limitation period was deemed valid due to the assessee's failure to disclose all material facts. Consequently, the court dismissed the writ petition, allowing the Assessing Officer to proceed with the assessment. en-us Tue, 19 Sep 2017 00:00:00 +0530 Fri, 24 Aug 2018 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349165 The court upheld the legality of re-assessment proceedings initiated under Section 148 of the Income Tax Act, 1961 for the assessment year 2008-09. It emphasized the necessity of "reasons to believe" for reopening assessments, based on new material indicating income evasion. The court ruled that the petitioner's disclosure was not full and true, as the transaction was a sham to convert black money. Additionally, the notice issued beyond the four-year limitation period was deemed valid due to the assessee's failure to disclose all material facts. Consequently, the court dismissed the writ petition, allowing the Assessing Officer to proceed with the assessment. Case-Laws Income Tax Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349165