https://www.taxtmi.com/caselaws?id=15383 Reopening of gift-tax assessment under section 16(1)(b) was held to be valid where the assessing authority acted on a Wealth-tax Officer's statutory valuation of the same gifted property at a higher figure for the same assessment year. That valuation constituted relevant "information" because it supplied concrete factual material, not a mere change of opinion, and had a rational nexus with a belief of possible undervaluation. The time gap between the gift date and the wealth-tax valuation did not break the connection, as no intervening change in the property's value was shown. The reopening was therefore upheld as lawful and not vitiated by change of opinion. en-us Mon, 22 Dec 1997 00:00:00 +0530 Thu, 06 Aug 2009 11:55:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15383 Reopening of gift-tax assessment under section 16(1)(b) was held to be valid where the assessing authority acted on a Wealth-tax Officer's statutory valuation of the same gifted property at a higher figure for the same assessment year. That valuation constituted relevant "information" because it supplied concrete factual material, not a mere change of opinion, and had a rational nexus with a belief of possible undervaluation. The time gap between the gift date and the wealth-tax valuation did not break the connection, as no intervening change in the property's value was shown. The reopening was therefore upheld as lawful and not vitiated by change of opinion. Case-Laws Income Tax Mon, 22 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15383