https://www.taxtmi.com/caselaws?id=25738 For reassessment of escaped income for an assessment year governed by the repealed Act, the substantive law of that year applies, while section 297(2)(d)(ii) supplies only the reassessment machinery; the two hundi credits were therefore assessable in assessment year 1960-61, not only in 1961-62. Full and true disclosure under section 147(a) must be made for the relevant assessment year, and disclosure in later proceedings does not cure earlier nondisclosure. On the material that the creditors were bogus and the transactions benami, the Income-tax Officer had a bona fide reason to believe income had escaped assessment, so reopening under sections 147(a) and 148 was justified. en-us Thu, 22 Jan 1987 00:00:00 +0530 Sat, 30 Jan 2010 15:37:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25738 For reassessment of escaped income for an assessment year governed by the repealed Act, the substantive law of that year applies, while section 297(2)(d)(ii) supplies only the reassessment machinery; the two hundi credits were therefore assessable in assessment year 1960-61, not only in 1961-62. Full and true disclosure under section 147(a) must be made for the relevant assessment year, and disclosure in later proceedings does not cure earlier nondisclosure. On the material that the creditors were bogus and the transactions benami, the Income-tax Officer had a bona fide reason to believe income had escaped assessment, so reopening under sections 147(a) and 148 was justified. Case-Laws Income Tax Thu, 22 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25738