https://www.taxtmi.com/caselaws?id=36719 The court allowed the appeal, setting aside the judgment and quashing the impugned notices and proceedings for reopening assessments under the Income Tax Act. The court found that the confessional statements did not establish a direct link to the loans in question, failing to meet the preconditions for reopening assessments. The application for leave to appeal to the Supreme Court was rejected, and a stay on the judgment's operation was granted for six weeks. Judges R. N. Pyne and S. C. Deb concurred with the decision, emphasizing the importance of a strong connection between the material prompting income escapement belief and the actual circumstances for such assessments. en-us Mon, 11 Feb 1980 00:00:00 +0530 Wed, 24 Mar 2010 11:23:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36719 The court allowed the appeal, setting aside the judgment and quashing the impugned notices and proceedings for reopening assessments under the Income Tax Act. The court found that the confessional statements did not establish a direct link to the loans in question, failing to meet the preconditions for reopening assessments. The application for leave to appeal to the Supreme Court was rejected, and a stay on the judgment's operation was granted for six weeks. Judges R. N. Pyne and S. C. Deb concurred with the decision, emphasizing the importance of a strong connection between the material prompting income escapement belief and the actual circumstances for such assessments. Case-Laws Income Tax Mon, 11 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36719