https://www.taxtmi.com/caselaws?id=200207 Extended limitation for income-tax assessments applies where available material supports concealment of income or furnishing of inaccurate particulars. The ordinary four-year limitation period is displaced under the statutory scheme when the circumstances fall within the concealment provision. Material indicating a collusive, non-genuine share-loss claim, undisclosed-source deposits, or non-genuine loans may support that application. Separate recording of reasons by the Income-tax Officer within the ordinary limitation period is not required; the relevant question is whether material exists to support application of the concealment provision at the assessment stage. The analysis distinguishes applicability of the concealment provision for limitation purposes from the separate question whether penalty is ultimately warranted. en-us Fri, 03 Feb 1984 00:00:00 +0530 Fri, 23 Mar 2018 14:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200207 Extended limitation for income-tax assessments applies where available material supports concealment of income or furnishing of inaccurate particulars. The ordinary four-year limitation period is displaced under the statutory scheme when the circumstances fall within the concealment provision. Material indicating a collusive, non-genuine share-loss claim, undisclosed-source deposits, or non-genuine loans may support that application. Separate recording of reasons by the Income-tax Officer within the ordinary limitation period is not required; the relevant question is whether material exists to support application of the concealment provision at the assessment stage. The analysis distinguishes applicability of the concealment provision for limitation purposes from the separate question whether penalty is ultimately warranted. Case-Laws Income Tax Fri, 03 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200207