https://www.taxtmi.com/caselaws?id=470569 Reassessment jurisdiction under sections 147 and 148 was examined in relation to whether a Shah Commission report could constitute information supporting a reason to believe that export under-invoicing had caused income to escape assessment. The stated issues included the required direct nexus or live link between information and the belief, the taxpayer's obligation to make full and true disclosure of material facts, the characterisation of income from allegedly illegal business, and Wednesbury unreasonableness. The Supreme Court dismissed the special leave petitions without interfering with the High Court judgment, while directing certain matters to be detached and listed separately. en-us Wed, 05 Mar 2025 00:00:00 +0530 Fri, 31 Jul 2026 08:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470569 Reassessment jurisdiction under sections 147 and 148 was examined in relation to whether a Shah Commission report could constitute information supporting a reason to believe that export under-invoicing had caused income to escape assessment. The stated issues included the required direct nexus or live link between information and the belief, the taxpayer's obligation to make full and true disclosure of material facts, the characterisation of income from allegedly illegal business, and Wednesbury unreasonableness. The Supreme Court dismissed the special leave petitions without interfering with the High Court judgment, while directing certain matters to be detached and listed separately. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470569