https://www.taxtmi.com/caselaws?id=37650 Reopening under section 148 was sustained because later assessment proceedings revealed that personal and household expenses of directors and their relatives had been debited in the company's accounts, giving the tax authority a rational basis to believe income had escaped assessment for the earlier year. Mere production of account books did not establish full and true disclosure of all primary facts, especially where the assessee failed to show that the relevant material had been fully placed before the assessing authority. On that footing, the High Court held the notice valid and within jurisdiction, and the challenge to reassessment failed. en-us Thu, 05 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:47:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37650 Reopening under section 148 was sustained because later assessment proceedings revealed that personal and household expenses of directors and their relatives had been debited in the company's accounts, giving the tax authority a rational basis to believe income had escaped assessment for the earlier year. Mere production of account books did not establish full and true disclosure of all primary facts, especially where the assessee failed to show that the relevant material had been fully placed before the assessing authority. On that footing, the High Court held the notice valid and within jurisdiction, and the challenge to reassessment failed. Case-Laws Income Tax Thu, 05 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37650