2003 (1) TMI 35

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....t at the instance of the assessee under section 27(1): "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the reopening of the assessment under section 17(1)(a) was valid in law?" The dispute relates to the two assessment years, namely, 1969-70 and 1971-72. The original assessment of the assessee, who is an individual, was re ....

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....rs were set aside in appeal by the Appellate Assistant Commissioner of Wealth-tax by order dated March 20, 1980, on the finding that it was not a case of non-disclosure of material facts and as such the notice under section 17(1)(a) of the Wealth-tax Act was held bad. The Department filed two appeals before the Income-tax Appellate Tribunal for the aforesaid two assessment years which were allo....

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.... debt was secured against the life policy of the assessee, it amounts to nondisclosure of the relevant materials for the purposes of assessment. Sri Bharat Ji Agarwal has placed reliance upon the judgment of the Supreme Court reported in Sri Krishna Pvt. Ltd. v. ITO [1996] 221 ITR 538. It has been held by the Supreme Court that every disclosure is not and cannot be treated to be a true and full....