https://www.taxtmi.com/caselaws?id=23159 Judicial review of reassessment notices is limited to checking whether the assessing officer formed a bona fide belief on relevant material that income had escaped assessment because of failure to fully and truly disclose material facts. The court does not re-examine the sufficiency or adequacy of the material at the reopening stage. Stock-in-trade is a material fact for assessment, and merely producing books of account does not satisfy the disclosure duty if the actual stock position is not truly revealed. On the survey material and bank stock statements, the notices were supported by relevant material and were valid at initiation, so no interference under article 226 was warranted. en-us Tue, 31 Jul 1990 00:00:00 +0530 Thu, 17 Dec 2009 11:35:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23159 Judicial review of reassessment notices is limited to checking whether the assessing officer formed a bona fide belief on relevant material that income had escaped assessment because of failure to fully and truly disclose material facts. The court does not re-examine the sufficiency or adequacy of the material at the reopening stage. Stock-in-trade is a material fact for assessment, and merely producing books of account does not satisfy the disclosure duty if the actual stock position is not truly revealed. On the survey material and bank stock statements, the notices were supported by relevant material and were valid at initiation, so no interference under article 226 was warranted. Case-Laws Income Tax Tue, 31 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23159