Reassessment initiated for second time is valid if based on new Tangible Materials

A. Sridevi Vs ITO (Madras High Court)

Admittedly, the original return filed by the assessee did not reflect the subject matter income, namely, the advance made by the assessee to the said Nagarajan of a sum of Rs.2.75 crores. When the earlier reopening proceedings was initiated with issuance of notice under section 148, the assessee did not file a fresh return by disclosing the subject matter income and on the other hand, she made a request to treat the return already filed  for the assessment year 2009-10, as the one filed

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