https://www.taxtmi.com/caselaws?id=17872 The High Court upheld the assessing authority's decision to issue a notice under section 148 and initiate proceedings under section 147 of the Income-tax Act. It found the reasons for reopening the assessment relevant, concluding that the underassessment resulted from the assessee's failure to fully disclose facts. The Court determined that the added income, initially claimed as from agriculture, was rightly treated as income from undisclosed sources due to the assessee's inability to prove its agricultural nature. The Court ruled in favor of the Revenue, affirming the assessment reopening and the classification of income from other sources. en-us Wed, 10 Jan 1996 00:00:00 +0530 Fri, 25 Sep 2009 13:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17872 The High Court upheld the assessing authority's decision to issue a notice under section 148 and initiate proceedings under section 147 of the Income-tax Act. It found the reasons for reopening the assessment relevant, concluding that the underassessment resulted from the assessee's failure to fully disclose facts. The Court determined that the added income, initially claimed as from agriculture, was rightly treated as income from undisclosed sources due to the assessee's inability to prove its agricultural nature. The Court ruled in favor of the Revenue, affirming the assessment reopening and the classification of income from other sources. Case-Laws Income Tax Wed, 10 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17872