https://www.taxtmi.com/caselaws?id=794981 Reassessment beyond four years requires income escapement caused by the assessee's failure to disclose fully and truly all material facts. Where the recorded reasons rely on accounts, computation and records already examined in original scrutiny, disclosure of primary facts is sufficient; reopening on the same material is an impermissible review or change of opinion, rendering the reassessment invalid. Waiver of a principal loan is not taxable as a non-monetary benefit or perquisite, and it does not attract remission-of-liability provisions unless an earlier deduction or allowance existed for a trading liability. Use of borrowed funds for business purposes and book credit of the waiver do not alter this treatment. en-us Fri, 24 Apr 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794981 Reassessment beyond four years requires income escapement caused by the assessee's failure to disclose fully and truly all material facts. Where the recorded reasons rely on accounts, computation and records already examined in original scrutiny, disclosure of primary facts is sufficient; reopening on the same material is an impermissible review or change of opinion, rendering the reassessment invalid. Waiver of a principal loan is not taxable as a non-monetary benefit or perquisite, and it does not attract remission-of-liability provisions unless an earlier deduction or allowance existed for a trading liability. Use of borrowed funds for business purposes and book credit of the waiver do not alter this treatment. Case-Laws Income Tax Fri, 24 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794981