https://www.taxtmi.com/caselaws?id=795710 Reassessment may be initiated where an income-tax return was only processed under Section 143(1) and the disparity between disclosed income and property investment supports a prima facie belief of escaped income. Disclosure of property purchase in a wealth-tax return does not establish disclosure in the income-tax return of the funding source or the transaction's true nature. Explanation 2(b) to Section 147 applies where no assessment was made and understated income is detected. The Principal Commissioner's recorded satisfaction that the case was fit for notice was treated as sufficient approval under Section 151, validating the reassessment notice. en-us Tue, 30 Jun 2026 00:00:00 +0530 Sat, 25 Jul 2026 08:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795710 Reassessment may be initiated where an income-tax return was only processed under Section 143(1) and the disparity between disclosed income and property investment supports a prima facie belief of escaped income. Disclosure of property purchase in a wealth-tax return does not establish disclosure in the income-tax return of the funding source or the transaction's true nature. Explanation 2(b) to Section 147 applies where no assessment was made and understated income is detected. The Principal Commissioner's recorded satisfaction that the case was fit for notice was treated as sufficient approval under Section 151, validating the reassessment notice. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795710