https://www.taxtmi.com/caselaws?id=20099 The court upheld the Income-tax Officer's action under section 147(a) read with section 148 of the Income-tax Act, 1961, for the assessment year 1971-72. The reassessment was deemed valid as the assessee failed to disclose crucial information regarding a cash credit, confirmed as a hawala entry. The court emphasized the need for specific and reliable information for reopening assessments and rejected the argument that transaction truthfulness can only be examined during original proceedings. The Revenue prevailed, with the court ruling in favor of the reassessment due to the assessee's non-disclosure of material facts. en-us Tue, 12 Oct 1993 00:00:00 +0530 Wed, 11 Nov 2009 16:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20099 The court upheld the Income-tax Officer's action under section 147(a) read with section 148 of the Income-tax Act, 1961, for the assessment year 1971-72. The reassessment was deemed valid as the assessee failed to disclose crucial information regarding a cash credit, confirmed as a hawala entry. The court emphasized the need for specific and reliable information for reopening assessments and rejected the argument that transaction truthfulness can only be examined during original proceedings. The Revenue prevailed, with the court ruling in favor of the reassessment due to the assessee's non-disclosure of material facts. Case-Laws Income Tax Tue, 12 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20099