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The Act calls upon a taxpayer to make full and true disclosure in income tax return and accompanying documents during the assessment.

Cases are bound to reopen if and when it comes to the light that an assessee has had financial /monetary dealings with dubious entities /persons vide Vedanta (previously Sterlte) case decision in 426ITR59. An income tax investigation report may cause serious doubt or cause or justification with the assessing officer who would be well within his power to reopen the assessment in case of false disclosure. Only because the money has changed hands through banking channels would not be sufficient to establish the genuineness of the transactions. These principles are by far settled by SC 412ITR161. These would especially go well where the assessment order is non-speaking, cryptic, or perfunctory in nature vide 414ITR10.

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