https://www.taxtmi.com/caselaws?id=18371 The court upheld the validity of the notice u/s 148 of the Income-tax Act, 1961, for reassessment of income for the assessment year 1987-88. It was found that the assessee failed to disclose all material facts, specifically regarding interest-free securities, justifying the reassessment proceedings based on new information revealed during a subsequent assessment. The court dismissed the writ petition and awarded costs of Rs. 2,500, clarifying that observations on the additions made were solely for assessing the validity of reassessment and did not prevent the assessee from raising further legal questions. en-us Tue, 09 Jan 1996 00:00:00 +0530 Wed, 30 Sep 2009 14:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18371 The court upheld the validity of the notice u/s 148 of the Income-tax Act, 1961, for reassessment of income for the assessment year 1987-88. It was found that the assessee failed to disclose all material facts, specifically regarding interest-free securities, justifying the reassessment proceedings based on new information revealed during a subsequent assessment. The court dismissed the writ petition and awarded costs of Rs. 2,500, clarifying that observations on the additions made were solely for assessing the validity of reassessment and did not prevent the assessee from raising further legal questions. Case-Laws Income Tax Tue, 09 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18371