1986 (9) TMI 16

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....This is a reference under section 256(1) of the Income-tax Act, 1961. The Tribunal has referred the following question of law for the opinion of this court : " Whether the Tribunal was right in law in holding that the reopening of the assessment was not in order ? " The assessee is an individual. The assessment year is 1973-74. The original assessment had been completed by the Income-tax Off....

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.... there has been no omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. The Tribunal has given detailed reasons in support of that conclusion on the material facts disclosed by the assessee at the first instance. On the facts found, in our opinion, the conclusion of the Tribunal is justified. A case similar to the present o....