https://www.taxtmi.com/caselaws?id=472032 Reassessment beyond four years after an assessment under Section 143(3) requires income to have escaped assessment because of the assessee's failure to file a return or to disclose fully and truly all material facts. Recorded reasons must allege that failure. Where information on capital additions, asset acquisition and partners' withdrawals was already on the assessment record, an assertion that it was not verified does not satisfy this jurisdictional condition. Reassessment initiated without the required allegation or failure is invalid and liable to be quashed. en-us Wed, 16 Apr 2025 00:00:00 +0530 Sun, 27 Sep 2026 15:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472032 Reassessment beyond four years after an assessment under Section 143(3) requires income to have escaped assessment because of the assessee's failure to file a return or to disclose fully and truly all material facts. Recorded reasons must allege that failure. Where information on capital additions, asset acquisition and partners' withdrawals was already on the assessment record, an assertion that it was not verified does not satisfy this jurisdictional condition. Reassessment initiated without the required allegation or failure is invalid and liable to be quashed. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472032