1976 (3) TMI 1 - SC - Income Tax

In the original assessment deduction towards payment of interest was allowed. Whether the assessment can be reopened if some of the creditors were found to be mere name-lenders - majority of the learned judges in the High Court, in out opinion, were not in error in holding that the said material could not have led to the formation of the belief that the income of the assessee-respondent had escaped assessment because of his failure or omission to disclose fully and truly all material facts