https://www.taxtmi.com/caselaws?id=12951 The High Court upheld the validity of reopening the assessment for withdrawing investment allowance under section 147 of the Income-tax Act, 1961. It denied the assessee's entitlement to the benefit of investment allowance on merits, ruling in favor of the Revenue. The court found the reopening justified based on new information leading to the belief of income escapement, emphasizing it was within the legal time limit and not a change of opinion. The assessee's arguments to distinguish the case from previous decisions were rejected, resulting in the denial of investment allowance benefits. en-us Thu, 02 Aug 2001 00:00:00 +0530 Mon, 25 May 2009 15:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12951 The High Court upheld the validity of reopening the assessment for withdrawing investment allowance under section 147 of the Income-tax Act, 1961. It denied the assessee's entitlement to the benefit of investment allowance on merits, ruling in favor of the Revenue. The court found the reopening justified based on new information leading to the belief of income escapement, emphasizing it was within the legal time limit and not a change of opinion. The assessee's arguments to distinguish the case from previous decisions were rejected, resulting in the denial of investment allowance benefits. Case-Laws Income Tax Thu, 02 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12951