https://www.taxtmi.com/caselaws?id=38694 The court upheld the reopening of the assessment under section 147(a) of the Income-tax Act, 1961, based on new information regarding a hundi racket and confessional statements from creditors. It emphasized the obligation of the assessee to disclose all primary facts fully and truly, allowing the Income-tax Officer to reopen assessments if there are grounds to believe otherwise. The court clarified the distinction between primary and inferential facts, stating that a mere change of opinion does not justify reopening, but false disclosures can warrant reassessment. The Tribunal's decision was affirmed, leading to a reassessment without costs awarded. en-us Mon, 01 Nov 1976 00:00:00 +0530 Thu, 08 Apr 2010 13:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38694 The court upheld the reopening of the assessment under section 147(a) of the Income-tax Act, 1961, based on new information regarding a hundi racket and confessional statements from creditors. It emphasized the obligation of the assessee to disclose all primary facts fully and truly, allowing the Income-tax Officer to reopen assessments if there are grounds to believe otherwise. The court clarified the distinction between primary and inferential facts, stating that a mere change of opinion does not justify reopening, but false disclosures can warrant reassessment. The Tribunal's decision was affirmed, leading to a reassessment without costs awarded. Case-Laws Income Tax Mon, 01 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38694