https://www.taxtmi.com/caselaws?id=187120 The High Court held that the Tribunal erred in canceling the reassessment made by the ITO under s. 147(b) of the IT Act for the assessment year 1972-73. The Court determined that there were new material facts presented by the audit party, justifying the reopening of the assessment. The High Court concluded that the ITO had the jurisdiction to reopen the assessment based on the new information provided, thereby ruling in favor of the Revenue and upholding the validity of the reassessment. en-us Sat, 08 Nov 1997 00:00:00 +0530 Mon, 10 Oct 2016 16:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187120 The High Court held that the Tribunal erred in canceling the reassessment made by the ITO under s. 147(b) of the IT Act for the assessment year 1972-73. The Court determined that there were new material facts presented by the audit party, justifying the reopening of the assessment. The High Court concluded that the ITO had the jurisdiction to reopen the assessment based on the new information provided, thereby ruling in favor of the Revenue and upholding the validity of the reassessment. Case-Laws Income Tax Sat, 08 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187120