https://www.taxtmi.com/caselaws?id=16631 The High Court upheld the Income-tax Officer's decision to reopen wealth tax assessments for multiple years due to the assessee's failure to disclose material facts truly and correctly. The court found that the assessee's consistent undervaluation of gold ornaments misled the assessing authority, constituting non-disclosure of true and correct facts. Emphasizing the duty of the assessee to provide accurate information, the High Court directed the Tribunal to address specific questions regarding the justification of its decision. The judgment reinforces the importance of full and accurate disclosure by taxpayers in tax assessments. en-us Tue, 06 Aug 1996 00:00:00 +0530 Wed, 09 Sep 2009 11:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16631 The High Court upheld the Income-tax Officer's decision to reopen wealth tax assessments for multiple years due to the assessee's failure to disclose material facts truly and correctly. The court found that the assessee's consistent undervaluation of gold ornaments misled the assessing authority, constituting non-disclosure of true and correct facts. Emphasizing the duty of the assessee to provide accurate information, the High Court directed the Tribunal to address specific questions regarding the justification of its decision. The judgment reinforces the importance of full and accurate disclosure by taxpayers in tax assessments. Case-Laws Wealth-tax Tue, 06 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16631