https://www.taxtmi.com/caselaws?id=36549 Reopening under section 147(a) required material with a direct nexus to the assessee's own failure to disclose fully and truly all material facts; general statements about suspected bogus hundi financiers, without specific linkage to the assessee's credits, were insufficient. On that basis, the reassessment notices were invalid. The document also notes that withdrawal of development rebate granted in earlier assessment years was governed by the separate rectification machinery under section 35(11) of the Indian Income-tax Act, 1922, and that this specific statutory route could not be circumvented through reassessment proceedings under section 147(a). The assessee therefore succeeded on both issues. en-us Mon, 25 Jun 1979 00:00:00 +0530 Tue, 23 Mar 2010 11:13:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36549 Reopening under section 147(a) required material with a direct nexus to the assessee's own failure to disclose fully and truly all material facts; general statements about suspected bogus hundi financiers, without specific linkage to the assessee's credits, were insufficient. On that basis, the reassessment notices were invalid. The document also notes that withdrawal of development rebate granted in earlier assessment years was governed by the separate rectification machinery under section 35(11) of the Indian Income-tax Act, 1922, and that this specific statutory route could not be circumvented through reassessment proceedings under section 147(a). The assessee therefore succeeded on both issues. Case-Laws Income Tax Mon, 25 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36549