https://www.taxtmi.com/caselaws?id=39637 Reassessment under the escape-assessment provision requires both escapement of income and a failure to disclose truly and fully the material facts required by the return form or statutory notice at the relevant stage. Mere non-disclosure of every fact that may later prove relevant is insufficient, and a depreciation claim is not inaccurate disclosure solely because it later appears excessive. On the record, no omission in the particulars actually required was shown, so the reopening lacked jurisdiction and the reassessment notices failed; the consequential penalty proceedings also could not survive. en-us Mon, 28 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 12:24:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39637 Reassessment under the escape-assessment provision requires both escapement of income and a failure to disclose truly and fully the material facts required by the return form or statutory notice at the relevant stage. Mere non-disclosure of every fact that may later prove relevant is insufficient, and a depreciation claim is not inaccurate disclosure solely because it later appears excessive. On the record, no omission in the particulars actually required was shown, so the reopening lacked jurisdiction and the reassessment notices failed; the consequential penalty proceedings also could not survive. Case-Laws Income Tax Mon, 28 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39637