High Court Upholds Reopening of Assessment u/s 147 Due to Income Escapement and Assessee's Disclosure Failures.

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....Reopening of assessment u/s 147 - accommodation entry receipts - reasons to believe - The reasons for the formation of the belief by the Assessing Officer in the instant case, appear to have a rational connection with or relevant bearing on the formation of belief that there has been escapement of the income of the assessee from assessment in the particular year because of his failure to disclose fully and truly all material facts. - Order of reopening sustained - HC....