https://www.taxtmi.com/caselaws?id=423091 The Court upheld the validity of the notice issued under Section 148 of the Income Tax Act, 1961, finding that the Assessing Officer had sufficient grounds to initiate re-assessment proceedings due to discrepancies in the petitioner's income disclosures. It was determined that the petitioner failed to make a "full and true" disclosure of material facts necessary for assessment, resulting in an escaped income amount. The Court dismissed the petitioner's review application, emphasizing that review jurisdiction is limited to correcting errors on the face of the record, which was not evident in this case. The application lacked merit and was therefore dismissed without costs. en-us Tue, 24 May 2022 00:00:00 +0530 Fri, 27 May 2022 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423091 The Court upheld the validity of the notice issued under Section 148 of the Income Tax Act, 1961, finding that the Assessing Officer had sufficient grounds to initiate re-assessment proceedings due to discrepancies in the petitioner's income disclosures. It was determined that the petitioner failed to make a "full and true" disclosure of material facts necessary for assessment, resulting in an escaped income amount. The Court dismissed the petitioner's review application, emphasizing that review jurisdiction is limited to correcting errors on the face of the record, which was not evident in this case. The application lacked merit and was therefore dismissed without costs. Case-Laws Income Tax Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423091