https://www.taxtmi.com/caselaws?id=9389 The High Court held that reassessment under section 147(b) of the Income-tax Act solely on a change of opinion by the Income-tax Officer is impermissible. The Court ruled in favor of the assessee, emphasizing that new information is required to reopen an assessment, and directions from an external source do not qualify as valid information for reassessment. The Court affirmed the Income-tax Appellate Tribunal's decision, stating that reassessment cannot be initiated based on a mere change of opinion without fresh information, ultimately rejecting the Revenue's arguments. en-us Thu, 03 Mar 2005 00:00:00 +0530 Mon, 22 Jun 2009 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9389 The High Court held that reassessment under section 147(b) of the Income-tax Act solely on a change of opinion by the Income-tax Officer is impermissible. The Court ruled in favor of the assessee, emphasizing that new information is required to reopen an assessment, and directions from an external source do not qualify as valid information for reassessment. The Court affirmed the Income-tax Appellate Tribunal's decision, stating that reassessment cannot be initiated based on a mere change of opinion without fresh information, ultimately rejecting the Revenue's arguments. Case-Laws Income Tax Thu, 03 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9389