https://www.taxtmi.com/caselaws?id=16248 The High Court of Gujarat held that the Income-tax Officer's reopening of assessments for the years 1967-68 and 1968-69 under section 147(b) of the Income-tax Act, 1961 was time-barred. The Tribunal ruled in favor of the assessee, emphasizing that section 147(a) requires income escaping assessment due to the assessee's failure to disclose facts, not information from external sources. The Supreme Court's decision in a related case supported the Tribunal's ruling. Ultimately, the High Court decided in favor of the assessee, with no costs awarded to the Revenue. en-us Mon, 26 Apr 1999 00:00:00 +0530 Fri, 04 Sep 2009 16:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16248 The High Court of Gujarat held that the Income-tax Officer's reopening of assessments for the years 1967-68 and 1968-69 under section 147(b) of the Income-tax Act, 1961 was time-barred. The Tribunal ruled in favor of the assessee, emphasizing that section 147(a) requires income escaping assessment due to the assessee's failure to disclose facts, not information from external sources. The Supreme Court's decision in a related case supported the Tribunal's ruling. Ultimately, the High Court decided in favor of the assessee, with no costs awarded to the Revenue. Case-Laws Income Tax Mon, 26 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16248