https://www.taxtmi.com/caselaws?id=5330 Reassessment under section 147(b) is permissible where the Income-tax Officer forms a belief of escaped income on the basis of information in possession, including a later judicial decision or material on record not earlier considered; it is barred only when founded on a mere change of opinion. On dissolution of a partnership firm, stock-in-trade and other assets must be valued at market value to determine the real trading results and settlement position, and the resulting surplus is treated as taxable trading profit rather than a notional accretion. en-us Thu, 21 Feb 1991 00:00:00 +0530 Sat, 06 Dec 2025 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5330 Reassessment under section 147(b) is permissible where the Income-tax Officer forms a belief of escaped income on the basis of information in possession, including a later judicial decision or material on record not earlier considered; it is barred only when founded on a mere change of opinion. On dissolution of a partnership firm, stock-in-trade and other assets must be valued at market value to determine the real trading results and settlement position, and the resulting surplus is treated as taxable trading profit rather than a notional accretion. Case-Laws Income Tax Thu, 21 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5330