https://www.taxtmi.com/caselaws?id=764805 Reassessment beyond four years was sustained because the assessee had not filed a return, substantial receipts were not disclosed, and the addition arose from inquiry linked to the recorded reasons, establishing failure to disclose material facts necessary for assessment. On the merits, the tax character of interest earned on fixed deposits from land acquisition compensation could not be finally determined because the flow of funds and co-owners' assessments were not fully reconciled. The claim for exemption under section 10(37) and the alternate deduction claim under section 57(iv) were therefore remitted for fresh examination, leaving ultimate taxability to be redetermined on verification of the facts. en-us Wed, 15 Jan 2025 00:00:00 +0530 Sat, 18 Jan 2025 08:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764805 Reassessment beyond four years was sustained because the assessee had not filed a return, substantial receipts were not disclosed, and the addition arose from inquiry linked to the recorded reasons, establishing failure to disclose material facts necessary for assessment. On the merits, the tax character of interest earned on fixed deposits from land acquisition compensation could not be finally determined because the flow of funds and co-owners' assessments were not fully reconciled. The claim for exemption under section 10(37) and the alternate deduction claim under section 57(iv) were therefore remitted for fresh examination, leaving ultimate taxability to be redetermined on verification of the facts. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764805