https://www.taxtmi.com/caselaws?id=14238 The Tribunal upheld the Assessing Officer's jurisdiction to initiate proceedings under section 147(a) of the Income-tax Act, 1961, due to the assessee's failure to disclose the presence of closing stock relating to chips, leading to underassessment of income. The High Court affirmed the Tribunal's decision, emphasizing the importance of full disclosure by the assessee to prevent underassessment. The judgment highlighted that the Assessing Officer can initiate proceedings based on a reasonable belief of escaped income, irrespective of final assessment outcomes. en-us Fri, 03 Dec 1999 00:00:00 +0530 Tue, 14 Jul 2009 16:16:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14238 The Tribunal upheld the Assessing Officer's jurisdiction to initiate proceedings under section 147(a) of the Income-tax Act, 1961, due to the assessee's failure to disclose the presence of closing stock relating to chips, leading to underassessment of income. The High Court affirmed the Tribunal's decision, emphasizing the importance of full disclosure by the assessee to prevent underassessment. The judgment highlighted that the Assessing Officer can initiate proceedings based on a reasonable belief of escaped income, irrespective of final assessment outcomes. Case-Laws Income Tax Fri, 03 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14238