https://www.taxtmi.com/caselaws?id=37641 Reassessment under section 147(1) was upheld where unexplained credits arose in the relevant financial year and were treated as income from undisclosed sources. The court held that, after repeal of the 1922 Act, the relevant previous year remained the year to which the income related, and section 297(2)(d)(ii) of the 1961 Act did not alter the substantive law on taxability. It further held that the finding on undisclosed sources could not be reopened in reference and that the assessee had not made a full and true disclosure of material facts for the assessment year concerned. The reassessment proceedings were therefore valid. en-us Fri, 10 Mar 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:23:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37641 Reassessment under section 147(1) was upheld where unexplained credits arose in the relevant financial year and were treated as income from undisclosed sources. The court held that, after repeal of the 1922 Act, the relevant previous year remained the year to which the income related, and section 297(2)(d)(ii) of the 1961 Act did not alter the substantive law on taxability. It further held that the finding on undisclosed sources could not be reopened in reference and that the assessee had not made a full and true disclosure of material facts for the assessment year concerned. The reassessment proceedings were therefore valid. Case-Laws Income Tax Fri, 10 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37641