https://www.taxtmi.com/caselaws?id=12285 The court upheld the validity of notices issued under section 148 of the Income-tax Act, 1961, for reopening assessments for certain assessment years. The court found that there were sufficient grounds for exercising power under section 148, including discrepancies in fund management. The court deemed the reasons to believe that income had escaped assessment as adequate based on the auditor's report. Additionally, the court concluded that the petitioner's failure to disclose income from forfeited certificates constituted a failure to disclose all material facts, leading to the dismissal of the writ petitions. en-us Thu, 08 Aug 2002 00:00:00 +0530 Sun, 21 Feb 2010 06:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12285 The court upheld the validity of notices issued under section 148 of the Income-tax Act, 1961, for reopening assessments for certain assessment years. The court found that there were sufficient grounds for exercising power under section 148, including discrepancies in fund management. The court deemed the reasons to believe that income had escaped assessment as adequate based on the auditor's report. Additionally, the court concluded that the petitioner's failure to disclose income from forfeited certificates constituted a failure to disclose all material facts, leading to the dismissal of the writ petitions. Case-Laws Income Tax Thu, 08 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12285