https://www.taxtmi.com/caselaws?id=23477 The court upheld the issuance of the notice under section 148 of the Income-tax Act for the assessment year 1962-63, rejecting the petitioner's challenge. It emphasized the requirement of establishing an omission or failure to disclose material facts for income escapement. The court found no merit in the petitioner's arguments against invoking section 52 for taxing capital gains, citing legal precedents. Emphasizing scrutiny of the decision-making process, the court dismissed the writ petition, vacated interim orders, and upheld the notice as based on a bona fide belief fulfilling conditions for proper assessment. en-us Wed, 28 Mar 1990 00:00:00 +0530 Sat, 19 Dec 2009 15:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23477 The court upheld the issuance of the notice under section 148 of the Income-tax Act for the assessment year 1962-63, rejecting the petitioner's challenge. It emphasized the requirement of establishing an omission or failure to disclose material facts for income escapement. The court found no merit in the petitioner's arguments against invoking section 52 for taxing capital gains, citing legal precedents. Emphasizing scrutiny of the decision-making process, the court dismissed the writ petition, vacated interim orders, and upheld the notice as based on a bona fide belief fulfilling conditions for proper assessment. Case-Laws Income Tax Wed, 28 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23477