https://www.taxtmi.com/caselaws?id=426791 The court dismissed the writ petition, upholding the validity of the notice under Section 148 of the Income Tax Act and the subsequent order rejecting the petitioner's objections. The reassessment proceedings were deemed justified as the petitioner failed to make a full and true disclosure of material facts, specifically regarding share transactions involving bogus shell companies. The court found the reassessment was based on fresh tangible material, distinguishing it from a mere review of existing information. The proceedings were allowed under the First Proviso to Section 147, even though initiated after four years from the relevant assessment year. en-us Mon, 11 Apr 2022 00:00:00 +0530 Thu, 25 Aug 2022 08:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426791 The court dismissed the writ petition, upholding the validity of the notice under Section 148 of the Income Tax Act and the subsequent order rejecting the petitioner's objections. The reassessment proceedings were deemed justified as the petitioner failed to make a full and true disclosure of material facts, specifically regarding share transactions involving bogus shell companies. The court found the reassessment was based on fresh tangible material, distinguishing it from a mere review of existing information. The proceedings were allowed under the First Proviso to Section 147, even though initiated after four years from the relevant assessment year. Case-Laws Income Tax Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426791