https://www.taxtmi.com/caselaws?id=6463 Section 34(1)(b) of the Indian Income-tax Act, 1922 permits reassessment where the officer receives information after the original assessment that gives reason to believe income has escaped assessment. The term "information" is broad and may include fresh facts, later investigation of the original record, material from external sources, and even the true legal position declared in judicial decisions. On the stated facts, the later discovery that a deduction had been wrongly allowed, the diversion of borrowed funds as interest-free advances to partners, and the assessee's failure to produce supporting evidence constituted sufficient post-assessment information. Reopening on that basis was valid and was not a mere change of opinion on the same material. en-us Wed, 10 Dec 1975 00:00:00 +0530 Thu, 17 Mar 2022 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6463 Section 34(1)(b) of the Indian Income-tax Act, 1922 permits reassessment where the officer receives information after the original assessment that gives reason to believe income has escaped assessment. The term "information" is broad and may include fresh facts, later investigation of the original record, material from external sources, and even the true legal position declared in judicial decisions. On the stated facts, the later discovery that a deduction had been wrongly allowed, the diversion of borrowed funds as interest-free advances to partners, and the assessee's failure to produce supporting evidence constituted sufficient post-assessment information. Reopening on that basis was valid and was not a mere change of opinion on the same material. Case-Laws Income Tax Wed, 10 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6463