https://www.taxtmi.com/caselaws?id=15954 The court upheld the validity of reassessment proceedings under Section 147(b) of the Income-tax Act, ruling in favor of the tax authority. It determined that the Assessing Officer had sufficient "reason to believe" income had escaped assessment based on new information obtained from internal records and external sources. The court clarified that the concept of "information" for reopening assessments must be novel and not a mere reinterpretation of existing data. Additionally, it allowed the use of information from subsequent assessment years to support reassessment for earlier periods, emphasizing the need for a genuine basis for reopening assessments. en-us Tue, 20 Jan 1998 00:00:00 +0530 Mon, 31 Aug 2009 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15954 The court upheld the validity of reassessment proceedings under Section 147(b) of the Income-tax Act, ruling in favor of the tax authority. It determined that the Assessing Officer had sufficient "reason to believe" income had escaped assessment based on new information obtained from internal records and external sources. The court clarified that the concept of "information" for reopening assessments must be novel and not a mere reinterpretation of existing data. Additionally, it allowed the use of information from subsequent assessment years to support reassessment for earlier periods, emphasizing the need for a genuine basis for reopening assessments. Case-Laws Income Tax Tue, 20 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15954