https://www.taxtmi.com/caselaws?id=14554 The High Court upheld the Tribunal's decision, ruling that the reassessment was deemed a "change of opinion" based on existing material, rendering section 147(b) inapplicable. The original assessment noted the receipt of a Matador van as a gift for exceptional performance, credited to the partners' capital accounts. Despite the Department's argument that this constituted business income, the Court found no new grounds for reassessment, maintaining that the initial opinion sufficed. en-us Mon, 19 Feb 2001 00:00:00 +0530 Mon, 03 May 2010 00:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14554 The High Court upheld the Tribunal's decision, ruling that the reassessment was deemed a "change of opinion" based on existing material, rendering section 147(b) inapplicable. The original assessment noted the receipt of a Matador van as a gift for exceptional performance, credited to the partners' capital accounts. Despite the Department's argument that this constituted business income, the Court found no new grounds for reassessment, maintaining that the initial opinion sufficed. Case-Laws Income Tax Mon, 19 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14554