https://www.taxtmi.com/caselaws?id=34591 HC upheld the validity of the notice issued under s.148 for reassessment, holding that income had escaped assessment due to the assessee's failure to make a full and true disclosure of material facts. Although books of account, audit report, balance sheet and other documents were produced in the original assessment under s.143(3), a specific amount was not credited in the profit and loss account and was not properly brought to the AO's notice. HC held that mere production of books does not satisfy the duty of disclosure under s.147 Explanation 1. The reassessment proceedings were therefore valid and the writ petition was dismissed. en-us Wed, 16 Sep 2009 00:00:00 +0530 Fri, 21 Nov 2025 14:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34591 HC upheld the validity of the notice issued under s.148 for reassessment, holding that income had escaped assessment due to the assessee's failure to make a full and true disclosure of material facts. Although books of account, audit report, balance sheet and other documents were produced in the original assessment under s.143(3), a specific amount was not credited in the profit and loss account and was not properly brought to the AO's notice. HC held that mere production of books does not satisfy the duty of disclosure under s.147 Explanation 1. The reassessment proceedings were therefore valid and the writ petition was dismissed. Case-Laws Income Tax Wed, 16 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34591