https://www.taxtmi.com/caselaws?id=7515 Reassessment under section 34(1)(b) of the Indian Income-tax Act, 1922 is competent where the Income-tax Officer acquires information from later proceedings showing the significance of material already on record, provided the case is not a mere change of opinion on fully appreciated facts. The original return and balance-sheet did not clearly reveal that borrowed funds were being diverted for partners' interest-free advances, but later assessment proceedings brought that effect into focus. The HC held that such later realisation could constitute "information" for reopening, so the reassessment was valid and the reference was answered against the assessee. en-us Fri, 26 Apr 1968 00:00:00 +0530 Sat, 21 Feb 2009 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7515 Reassessment under section 34(1)(b) of the Indian Income-tax Act, 1922 is competent where the Income-tax Officer acquires information from later proceedings showing the significance of material already on record, provided the case is not a mere change of opinion on fully appreciated facts. The original return and balance-sheet did not clearly reveal that borrowed funds were being diverted for partners' interest-free advances, but later assessment proceedings brought that effect into focus. The HC held that such later realisation could constitute "information" for reopening, so the reassessment was valid and the reference was answered against the assessee. Case-Laws Income Tax Fri, 26 Apr 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7515