https://www.taxtmi.com/caselaws?id=186005 The Court ruled in favor of the assessee, stating that the ITO's change of opinion on the nature of receipts did not justify the reopening of assessments. Emphasizing the importance of formal sources of information, the Court held that the ITO's error in judgment based on an internal audit report did not warrant reopening assessments under section 147(b) of the IT Act. The Court highlighted that the power to reopen assessments should not extend to mere errors discovered during a reconsideration of existing material. en-us Thu, 07 Feb 1980 00:00:00 +0530 Mon, 05 Sep 2016 16:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186005 The Court ruled in favor of the assessee, stating that the ITO's change of opinion on the nature of receipts did not justify the reopening of assessments. Emphasizing the importance of formal sources of information, the Court held that the ITO's error in judgment based on an internal audit report did not warrant reopening assessments under section 147(b) of the IT Act. The Court highlighted that the power to reopen assessments should not extend to mere errors discovered during a reconsideration of existing material. Case-Laws Income Tax Thu, 07 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186005