https://www.taxtmi.com/caselaws?id=70603 The Tribunal held that reassessments based on a change of opinion without substantial new information were not valid in law. It emphasized the consistent method of valuing closing stock by the assessee, which had been accepted by the department previously. As there was no factual basis for income escapement due to alleged deviation in valuation method, the reassessments for the assessment years 1977-78 and 1978-79 were deemed unjustified. The orders of the Appellate Authority Commissioner and the Income Tax Officer were set aside, and the appeals by the assessee were allowed. en-us Mon, 06 Aug 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70603 The Tribunal held that reassessments based on a change of opinion without substantial new information were not valid in law. It emphasized the consistent method of valuing closing stock by the assessee, which had been accepted by the department previously. As there was no factual basis for income escapement due to alleged deviation in valuation method, the reassessments for the assessment years 1977-78 and 1978-79 were deemed unjustified. The orders of the Appellate Authority Commissioner and the Income Tax Officer were set aside, and the appeals by the assessee were allowed. Case-Laws Income Tax Mon, 06 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70603