1993 (7) TMI 1 - SUPREME COURT

ITO rightly initiated the reassessment proceedings on the basis of subsequent information which was specific, relevant and reliable and, after recording the reasons for the formation of his own belief that in the original assessment proceedings, the assessee had not disclosed the material facts truly and fully and, therefore, income chargeable to tax had escaped assessment - provisions of sections 147(a) and 148 were rightly invoked