https://www.taxtmi.com/caselaws?id=26606 The High Court ruled against the Revenue and in favor of the assessee in a case concerning the reopening of assessment under section 147(a) of the Income-tax Act, 1961 for the assessment year 1949-50. The Court found the reopening invalid, stating that the assessee had fully disclosed all material facts during the original assessment. Additionally, the Court deemed the direction to reconsider the sources of a loan repayment unjustified, as the Income-tax Officer had not properly investigated the source of the funds. The Court ruled in favor of the assessee and awarded costs accordingly. en-us Thu, 01 Aug 1985 00:00:00 +0530 Sat, 06 Feb 2010 12:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26606 The High Court ruled against the Revenue and in favor of the assessee in a case concerning the reopening of assessment under section 147(a) of the Income-tax Act, 1961 for the assessment year 1949-50. The Court found the reopening invalid, stating that the assessee had fully disclosed all material facts during the original assessment. Additionally, the Court deemed the direction to reconsider the sources of a loan repayment unjustified, as the Income-tax Officer had not properly investigated the source of the funds. The Court ruled in favor of the assessee and awarded costs accordingly. Case-Laws Income Tax Thu, 01 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26606