https://www.taxtmi.com/caselaws?id=61959 The Appellate Tribunal ITAT COCHIN dismissed the appeal, affirming that the reassessment was not validly initiated under section 147(b) of the Income-tax Act, 1961. The Tribunal held that the audit objection did not constitute valid information for reopening the assessment, as it merely interpreted a legal position on the continuity of the business. Additionally, the Tribunal allowed the set off of losses from previous years against the income assessed under section 41(2), as the business was not discontinued before the relevant period. en-us Fri, 21 May 1982 00:00:00 +0530 Mon, 17 Jan 2011 12:47:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61959 The Appellate Tribunal ITAT COCHIN dismissed the appeal, affirming that the reassessment was not validly initiated under section 147(b) of the Income-tax Act, 1961. The Tribunal held that the audit objection did not constitute valid information for reopening the assessment, as it merely interpreted a legal position on the continuity of the business. Additionally, the Tribunal allowed the set off of losses from previous years against the income assessed under section 41(2), as the business was not discontinued before the relevant period. Case-Laws Income Tax Fri, 21 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61959