https://www.taxtmi.com/caselaws?id=31355 HC held that reassessment proceedings under Section 147/148 could not be sustained where the AO had recorded receipt, verification and acceptance of details regarding share application money during assessment under Section 143(3). Post-1989 Section 147 requires reason to believe income escaped assessment, and the proviso's test did not apply to facts here. Petitioning assessee was found not to have failed in making full and true disclosure for AY 1998-99. Writ allowed; notice dated 29.03.2004 and order dated 02.03.2005 set aside, all proceedings pursuant thereto quashed; parties to bear their own costs. en-us Mon, 03 Nov 2008 00:00:00 +0530 Sat, 06 Sep 2025 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31355 HC held that reassessment proceedings under Section 147/148 could not be sustained where the AO had recorded receipt, verification and acceptance of details regarding share application money during assessment under Section 143(3). Post-1989 Section 147 requires reason to believe income escaped assessment, and the proviso's test did not apply to facts here. Petitioning assessee was found not to have failed in making full and true disclosure for AY 1998-99. Writ allowed; notice dated 29.03.2004 and order dated 02.03.2005 set aside, all proceedings pursuant thereto quashed; parties to bear their own costs. Case-Laws Income Tax Mon, 03 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31355