https://www.taxtmi.com/caselaws?id=15366 The High Court of Madras upheld the Tribunal's decision, ruling against the Revenue's contention that reassessment under section 147(b) was valid for the assessment year 1972-73. The reassessment, based on fresh information from the audit party regarding managing director's remuneration, was deemed invalid as the audit party's opinion on a legal point did not constitute "information" for reassessment. The High Court rejected the Revenue's argument that the relevant legal provisions were not applied during the original assessment, affirming that the Assessing Officer was aware of them. The assessee prevailed, with costs awarded. en-us Tue, 10 Feb 1998 00:00:00 +0530 Thu, 06 Aug 2009 11:16:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15366 The High Court of Madras upheld the Tribunal's decision, ruling against the Revenue's contention that reassessment under section 147(b) was valid for the assessment year 1972-73. The reassessment, based on fresh information from the audit party regarding managing director's remuneration, was deemed invalid as the audit party's opinion on a legal point did not constitute "information" for reassessment. The High Court rejected the Revenue's argument that the relevant legal provisions were not applied during the original assessment, affirming that the Assessing Officer was aware of them. The assessee prevailed, with costs awarded. Case-Laws Income Tax Tue, 10 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15366