https://www.taxtmi.com/caselaws?id=38028 The High Court of Calcutta dismissed the department's appeal against the quashing of notices issued by the Income Tax Officer under section 148 of the Income Tax Act, 1961, to reopen assessments of the assessee, a banking corporation, for the years 1950-51 to 1960-61. The court found that there was no material to support the belief that income had escaped assessment due to the assessee's failure to disclose all material facts. The appeal was dismissed, emphasizing the importance of full disclosure by the assessee and the lack of sufficient grounds for reopening the assessments. en-us Thu, 10 Mar 1977 00:00:00 +0530 Fri, 02 Apr 2010 16:00:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38028 The High Court of Calcutta dismissed the department's appeal against the quashing of notices issued by the Income Tax Officer under section 148 of the Income Tax Act, 1961, to reopen assessments of the assessee, a banking corporation, for the years 1950-51 to 1960-61. The court found that there was no material to support the belief that income had escaped assessment due to the assessee's failure to disclose all material facts. The appeal was dismissed, emphasizing the importance of full disclosure by the assessee and the lack of sufficient grounds for reopening the assessments. Case-Laws Income Tax Thu, 10 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38028