https://www.taxtmi.com/caselaws?id=276235 Full and true disclosure requires an assessee to identify material taxable facts, including deemed profits arising where plant, machinery or buildings are sold above their written-down value. Producing underlying sale documents, resolutions and depreciation figures is insufficient if it leaves the assessing officer to derive the taxable excess from scattered records. Reassessment may be initiated where this disclosure obligation is not met. Reassessment may also rest on information obtained after the original assessment, including a subsequently ascertained factual or legal position derived by correlating existing materials, provided it is not merely a review of facts plainly apparent on the original record. en-us Thu, 10 Feb 1966 00:00:00 +0530 Fri, 02 Nov 2018 16:22:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276235 Full and true disclosure requires an assessee to identify material taxable facts, including deemed profits arising where plant, machinery or buildings are sold above their written-down value. Producing underlying sale documents, resolutions and depreciation figures is insufficient if it leaves the assessing officer to derive the taxable excess from scattered records. Reassessment may be initiated where this disclosure obligation is not met. Reassessment may also rest on information obtained after the original assessment, including a subsequently ascertained factual or legal position derived by correlating existing materials, provided it is not merely a review of facts plainly apparent on the original record. Case-Laws Income Tax Thu, 10 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276235