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Income Tax - Highlights / Catch Notes

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Reopening of assessment u/s 147 - Reasons for belief that income ...

Case Laws     Income Tax

July 5, 2022

Reopening of assessment u/s 147 - Reasons for belief that income has escaped assessment - Merely having a reason to believe that income had escaped assessment, is not sufficient to reopen assessments beyond the four year period, as explained above. The escapement of income from assessment must also be occasioned by the failure on the part of the assessee to disclose material facts, fully and truly. - AT

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