https://www.taxtmi.com/caselaws?id=39718 The court held that the assessee had disclosed all primary facts during the original assessment proceedings, and the Income-tax Officers failed to conduct further inquiries. Consequently, the reopening of assessments based on alleged misrepresentation of expenses was deemed unjustified. The court ruled in favor of the petitioner, The Hong-Kong and Shanghai Banking Corporation, directing the respondents to recall and cancel the notices issued under section 148 read with section 147 of the Income-tax Act, 1961. No costs were awarded, and the order's operation was stayed for eight weeks. en-us Wed, 28 Feb 1973 00:00:00 +0530 Mon, 19 Apr 2010 18:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39718 The court held that the assessee had disclosed all primary facts during the original assessment proceedings, and the Income-tax Officers failed to conduct further inquiries. Consequently, the reopening of assessments based on alleged misrepresentation of expenses was deemed unjustified. The court ruled in favor of the petitioner, The Hong-Kong and Shanghai Banking Corporation, directing the respondents to recall and cancel the notices issued under section 148 read with section 147 of the Income-tax Act, 1961. No costs were awarded, and the order's operation was stayed for eight weeks. Case-Laws Income Tax Wed, 28 Feb 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39718