https://www.taxtmi.com/caselaws?id=24434 Subsequent information showing that an alleged cash creditor was only a name-lender engaged in hawala transactions can provide reason to believe that the assessee did not truly disclose all material facts. On that basis, reassessment under the Income-tax Act, 1961 may be validly initiated where the original assessment had accepted the cash credit but later material undermined its genuineness. The controlling principle is that post-assessment information exposing a sham creditor can justify action for reassessment when it indicates failure of true and full disclosure. en-us Mon, 07 Nov 1988 00:00:00 +0530 Wed, 20 Jan 2010 10:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24434 Subsequent information showing that an alleged cash creditor was only a name-lender engaged in hawala transactions can provide reason to believe that the assessee did not truly disclose all material facts. On that basis, reassessment under the Income-tax Act, 1961 may be validly initiated where the original assessment had accepted the cash credit but later material undermined its genuineness. The controlling principle is that post-assessment information exposing a sham creditor can justify action for reassessment when it indicates failure of true and full disclosure. Case-Laws Income Tax Mon, 07 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24434