https://www.taxtmi.com/caselaws?id=407110 The court upheld the legality of reopening the income tax assessment under Section 147 of the Income Tax Act for the Assessment Year 2008-09, based on new material indicating income had escaped assessment. The reasons provided for reopening were deemed adequate, supported by discrepancies in Form 26AS and the petitioner's submissions. The substantial discrepancies identified justified the reassessment, along with information from the MB Shah Commission report. The court found that the petitioner did not make full and true disclosure of all material facts, leading to the dismissal of the writ petition and direction for cooperation in reassessment proceedings. en-us Mon, 26 Apr 2021 00:00:00 +0530 Fri, 30 Apr 2021 08:25:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407110 The court upheld the legality of reopening the income tax assessment under Section 147 of the Income Tax Act for the Assessment Year 2008-09, based on new material indicating income had escaped assessment. The reasons provided for reopening were deemed adequate, supported by discrepancies in Form 26AS and the petitioner's submissions. The substantial discrepancies identified justified the reassessment, along with information from the MB Shah Commission report. The court found that the petitioner did not make full and true disclosure of all material facts, leading to the dismissal of the writ petition and direction for cooperation in reassessment proceedings. Case-Laws Income Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407110