Reassessment after four years on change of opinion not valid

CIT, Chennai Vs M/s Simpson & Co. (Madras High Court)- There must be a nexus between the material at the hands of the Officer and formation of belief that there was escapement of wealth from assessment on account of the failure of the assessee to disclose fully and truly, all material facts.  In the absence of any nexus or any one of the requirements, the reassessment proceedings could not be upheld as one falling under Section 17 of the Wealth Tax Act.

The

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