https://www.taxtmi.com/caselaws?id=38144 The High Court of Calcutta upheld the notice issued under section 148 of the Income-tax Act, 1961 to reopen the assessment for the assessment year 1972-73. The court found indications of non-disclosure of material facts related to a loan transaction, supported by a subsequent voluntary disclosure by a company director. Despite arguments regarding the director's actions not binding the company, the court emphasized the need for complete disclosure before issuing a reopening notice. The challenge to the notice was dismissed, with the court citing sufficient grounds to suspect non-disclosure, and no alternative remedies were explored for the petitioners. en-us Mon, 21 Mar 1977 00:00:00 +0530 Sat, 03 Apr 2010 13:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38144 The High Court of Calcutta upheld the notice issued under section 148 of the Income-tax Act, 1961 to reopen the assessment for the assessment year 1972-73. The court found indications of non-disclosure of material facts related to a loan transaction, supported by a subsequent voluntary disclosure by a company director. Despite arguments regarding the director's actions not binding the company, the court emphasized the need for complete disclosure before issuing a reopening notice. The challenge to the notice was dismissed, with the court citing sufficient grounds to suspect non-disclosure, and no alternative remedies were explored for the petitioners. Case-Laws Income Tax Mon, 21 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38144