https://www.taxtmi.com/caselaws?id=6944 Section 34(1)(b) of the Income-tax Act, 1922 permits reopening where the Income-tax Officer has information leading to a belief that income has escaped assessment, and that information may relate to law as well as fact. A later judicial determination clarifying that an amount earlier assessed as business income was in substance capital gains could supply the necessary legal information for reopening. The text distinguishes such reopening from a mere change of opinion, treating subsequent legal material from a judicial decision as valid information in possession for reassessment purposes. en-us Tue, 21 Mar 1967 00:00:00 +0530 Sat, 07 Feb 2009 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6944 Section 34(1)(b) of the Income-tax Act, 1922 permits reopening where the Income-tax Officer has information leading to a belief that income has escaped assessment, and that information may relate to law as well as fact. A later judicial determination clarifying that an amount earlier assessed as business income was in substance capital gains could supply the necessary legal information for reopening. The text distinguishes such reopening from a mere change of opinion, treating subsequent legal material from a judicial decision as valid information in possession for reassessment purposes. Case-Laws Income Tax Tue, 21 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6944