https://www.taxtmi.com/caselaws?id=782210 HC upheld the validity of reassessment proceedings initiated under section 147 against the assessee. It held that the assessee failed to fully and truly disclose all material facts necessary for assessment, as the agreement with the Central Government-critical for claiming deduction under section 42-was not produced during the original assessment. Mere disclosure of the deduction claim in the audit report and return was held insufficient where the statute predicates deduction on the terms of such agreement. Accepting the concurrent factual findings of the AO, CIT(A) and Tribunal, the HC found no perversity and ruled that income had escaped assessment due to the assessee's omission. The appeal was dismissed and the matter decided against the assessee. en-us Thu, 13 Nov 2025 00:00:00 +0530 Wed, 26 Nov 2025 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782210 HC upheld the validity of reassessment proceedings initiated under section 147 against the assessee. It held that the assessee failed to fully and truly disclose all material facts necessary for assessment, as the agreement with the Central Government-critical for claiming deduction under section 42-was not produced during the original assessment. Mere disclosure of the deduction claim in the audit report and return was held insufficient where the statute predicates deduction on the terms of such agreement. Accepting the concurrent factual findings of the AO, CIT(A) and Tribunal, the HC found no perversity and ruled that income had escaped assessment due to the assessee's omission. The appeal was dismissed and the matter decided against the assessee. Case-Laws Income Tax Thu, 13 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782210