https://www.taxtmi.com/caselaws?id=282672 Mere production of account books does not amount to a full and true disclosure of material facts if the true character of loans or bank credits is not revealed. On the facts, the assessee had not disclosed the real nature of the borrowings and deposits, and the Income-tax Officer could reasonably believe that income had escaped assessment; reassessment under Section 34 was therefore valid. The surrounding circumstances also supported the inference that the borrowings were not genuine and that the bank deposits represented secret profits from undisclosed sources, so the additions were sustained in favour of the Revenue. en-us Thu, 12 Mar 1959 00:00:00 +0530 Mon, 19 Aug 2019 11:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282672 Mere production of account books does not amount to a full and true disclosure of material facts if the true character of loans or bank credits is not revealed. On the facts, the assessee had not disclosed the real nature of the borrowings and deposits, and the Income-tax Officer could reasonably believe that income had escaped assessment; reassessment under Section 34 was therefore valid. The surrounding circumstances also supported the inference that the borrowings were not genuine and that the bank deposits represented secret profits from undisclosed sources, so the additions were sustained in favour of the Revenue. Case-Laws Income Tax Thu, 12 Mar 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282672