https://www.taxtmi.com/caselaws?id=357458 The Court found that the first appellate authority and the Tribunal erred in concluding that there was full and true disclosure of material facts necessary for assessment by the assessee. The failure to disclose the entire interest income in the return constituted non-disclosure of material facts, justifying re-assessment proceedings. The Court ruled in favor of the Revenue, allowing the appeal and holding that the re-assessment was not solely based on a specific Supreme Court decision but on the discovery of undisclosed interest income in the profit and loss account. en-us Thu, 08 Mar 2018 00:00:00 +0530 Thu, 31 May 2018 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357458 The Court found that the first appellate authority and the Tribunal erred in concluding that there was full and true disclosure of material facts necessary for assessment by the assessee. The failure to disclose the entire interest income in the return constituted non-disclosure of material facts, justifying re-assessment proceedings. The Court ruled in favor of the Revenue, allowing the appeal and holding that the re-assessment was not solely based on a specific Supreme Court decision but on the discovery of undisclosed interest income in the profit and loss account. Case-Laws Income Tax Thu, 08 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357458