https://www.taxtmi.com/caselaws?id=437147 Reassessment initiated after four years from the end of the assessment year is valid only where income escaped assessment because the assessee failed to disclose fully and truly all material facts in the original scrutiny assessment under section 143(3). Here, the assessee had already furnished the return, audited accounts, computation, bank details and loan details during the original proceedings, and the reopening relied on the same material already examined. A reference to a search in another group did not supply fresh material showing nondisclosure. The statutory conditions for reopening beyond four years were not met, so the reassessment was held invalid in law. en-us Wed, 26 Apr 2023 00:00:00 +0530 Fri, 28 Apr 2023 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437147 Reassessment initiated after four years from the end of the assessment year is valid only where income escaped assessment because the assessee failed to disclose fully and truly all material facts in the original scrutiny assessment under section 143(3). Here, the assessee had already furnished the return, audited accounts, computation, bank details and loan details during the original proceedings, and the reopening relied on the same material already examined. A reference to a search in another group did not supply fresh material showing nondisclosure. The statutory conditions for reopening beyond four years were not met, so the reassessment was held invalid in law. Case-Laws Income Tax Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437147