https://www.taxtmi.com/caselaws?id=8339 Reassessment under section 148 is permissible where subsequent information gives the assessing officer reason to believe that income escaped assessment because the earlier acceptance of the claim rested on false or non-genuine material, and the bar against a mere change of opinion does not apply in that situation. Although the assessee had produced accounts, balance-sheets, lender lists, confirmation letters and, in some instances, discharged hundis at the original stage, later material suggesting that some lenders were name-lenders and that the hundi transactions were not genuine supported reopening. The notice was therefore valid and the challenge failed. en-us Fri, 20 Feb 1970 00:00:00 +0530 Fri, 10 Apr 2009 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8339 Reassessment under section 148 is permissible where subsequent information gives the assessing officer reason to believe that income escaped assessment because the earlier acceptance of the claim rested on false or non-genuine material, and the bar against a mere change of opinion does not apply in that situation. Although the assessee had produced accounts, balance-sheets, lender lists, confirmation letters and, in some instances, discharged hundis at the original stage, later material suggesting that some lenders were name-lenders and that the hundi transactions were not genuine supported reopening. The notice was therefore valid and the challenge failed. Case-Laws Income Tax Fri, 20 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8339