On non-compliance with statutory condition precedent, reopening of an assessment cannot be sustained

SUMMARY OF THE CASE LAWS The condition precedent in the proviso to Section 147 is that the income must have escaped assessment by the failure of the assessee to fully and truly disclose all material facts necessary for assessment for that Assessment Year. CASE LAWS DETAILS DECIDED BY: HIGH COURT OF BOMBAY, IN THE CASE OF: Arthur Anderson & Co. Vs ACIT, APPEAL NO: Writ Petition No. 2555 of 2009, DECIDED ON March 19, 2009 RELEVANT PARAGRAPH 6. The material on the record before the Court shows that in the statement of total income the assessee had disclosed an interest incom...