https://www.taxtmi.com/caselaws?id=286748 Reopening of concluded interest-tax assessments was upheld where the reasons recorded showed an alleged failure to disclose chargeable interest from hire-purchase transactions. The Court treated the matter as falling under section 10(a) of the Interest Tax Act, because the reassessment was based on omission to fully and truly disclose material facts, rather than under section 10(b), which concerns reopening on fresh information and is subject to a four-year limit. It further held that the doctrine of change of opinion does not apply to section 10(a) reopenings. The assessee's reliance on the profit and loss account as full disclosure was rejected because it did not amount to proper disclosure of chargeable interest. en-us Thu, 12 Jan 2012 00:00:00 +0530 Sat, 14 Mar 2020 10:29:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286748 Reopening of concluded interest-tax assessments was upheld where the reasons recorded showed an alleged failure to disclose chargeable interest from hire-purchase transactions. The Court treated the matter as falling under section 10(a) of the Interest Tax Act, because the reassessment was based on omission to fully and truly disclose material facts, rather than under section 10(b), which concerns reopening on fresh information and is subject to a four-year limit. It further held that the doctrine of change of opinion does not apply to section 10(a) reopenings. The assessee's reliance on the profit and loss account as full disclosure was rejected because it did not amount to proper disclosure of chargeable interest. Case-Laws Income Tax Thu, 12 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286748