https://www.taxtmi.com/caselaws?id=200658 Reassessment under Section 34 of the Indian Income-tax Act was permissible only if the Income-tax Officer possessed definite new information and, because of that information, discovered escaped or under-assessed income. Mere suspicion, a fresh look at the same record, or a change of opinion by a successor officer did not satisfy the statutory condition. On the record, no definite new information had come into possession before reassessment was initiated, and the action was based only on reinvestigation of the earlier assessment material. The reopening was therefore invalid, and the Income-tax Officer was not entitled to proceed under Section 34. en-us Fri, 03 May 1946 00:00:00 +0530 Wed, 11 Apr 2018 11:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200658 Reassessment under Section 34 of the Indian Income-tax Act was permissible only if the Income-tax Officer possessed definite new information and, because of that information, discovered escaped or under-assessed income. Mere suspicion, a fresh look at the same record, or a change of opinion by a successor officer did not satisfy the statutory condition. On the record, no definite new information had come into possession before reassessment was initiated, and the action was based only on reinvestigation of the earlier assessment material. The reopening was therefore invalid, and the Income-tax Officer was not entitled to proceed under Section 34. Case-Laws Income Tax Fri, 03 May 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200658