https://www.taxtmi.com/caselaws?id=37135 The High Court of Calcutta upheld the validity of reassessment proceedings under section 147(a) of the Income Tax Act, 1961 for the assessment year 1960-61. The court found that the Income Tax Officer had jurisdiction to initiate proceedings based on unexplained cash credits in the company's books, leading to an addition of Rs. 35,700 to the company's income. Despite the company's arguments regarding the timing of transactions, the court ruled in favor of the revenue, emphasizing the duty of the assessee to fully disclose all relevant facts for assessment. The reassessment was deemed valid, affirming the Tribunal's decision. en-us Mon, 13 Nov 1978 00:00:00 +0530 Fri, 26 Mar 2010 16:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37135 The High Court of Calcutta upheld the validity of reassessment proceedings under section 147(a) of the Income Tax Act, 1961 for the assessment year 1960-61. The court found that the Income Tax Officer had jurisdiction to initiate proceedings based on unexplained cash credits in the company's books, leading to an addition of Rs. 35,700 to the company's income. Despite the company's arguments regarding the timing of transactions, the court ruled in favor of the revenue, emphasizing the duty of the assessee to fully disclose all relevant facts for assessment. The reassessment was deemed valid, affirming the Tribunal's decision. Case-Laws Income Tax Mon, 13 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37135