https://www.taxtmi.com/caselaws?id=37028 Reassessment under the Income-tax Act is sustainable where the recorded reasons, made before notice, show a bona fide belief that income escaped assessment because the assessee failed to make a full and true disclosure of material facts. The scheme requires compliance with the recording requirement in section 148 and the sanction framework in section 151, depending on the time elapsed. Later-discovered material, including books and documents not earlier known to the Revenue, may justify reopening even after an earlier settlement, if it supports escapement of income not previously disclosed. en-us Wed, 11 Jul 1979 00:00:00 +0530 Fri, 26 Mar 2010 10:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37028 Reassessment under the Income-tax Act is sustainable where the recorded reasons, made before notice, show a bona fide belief that income escaped assessment because the assessee failed to make a full and true disclosure of material facts. The scheme requires compliance with the recording requirement in section 148 and the sanction framework in section 151, depending on the time elapsed. Later-discovered material, including books and documents not earlier known to the Revenue, may justify reopening even after an earlier settlement, if it supports escapement of income not previously disclosed. Case-Laws Income Tax Wed, 11 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37028