https://www.taxtmi.com/caselaws?id=39924 Reassessment under section 34 of the Income-tax Act, 1922 required the Income-tax Officer to form a bona fide belief that income had escaped assessment because the assessee failed to fully and truly disclose all material facts. Mere production of account books did not necessarily satisfy that duty. On the materials described, undisclosed accretion in wealth and unexplained investment increases were treated as prima facie grounds for reopening, so the notices were valid. The matter was not treated as a mere change of opinion, and the sufficiency of the material supporting the belief was not to be re-examined in writ proceedings. en-us Thu, 27 Oct 1966 00:00:00 +0530 Sat, 12 Apr 2025 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39924 Reassessment under section 34 of the Income-tax Act, 1922 required the Income-tax Officer to form a bona fide belief that income had escaped assessment because the assessee failed to fully and truly disclose all material facts. Mere production of account books did not necessarily satisfy that duty. On the materials described, undisclosed accretion in wealth and unexplained investment increases were treated as prima facie grounds for reopening, so the notices were valid. The matter was not treated as a mere change of opinion, and the sufficiency of the material supporting the belief was not to be re-examined in writ proceedings. Case-Laws Income Tax Thu, 27 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39924