https://www.taxtmi.com/caselaws?id=16604 The High Court ruled against the assessee regarding entitlement to initial depreciation and development rebate under specific schedules of the Income-tax Act, 1961, as the assessee did not engage in manufacturing or production of textiles. However, the court ruled in favor of the assessee on the validity of reopening the assessment under section 147(b) of the Act, determining it was based on a mere change of opinion and was not valid. The judgment emphasized the importance of proper grounds for reassessment under the Income-tax Act, 1961. en-us Mon, 17 Jun 1996 00:00:00 +0530 Tue, 08 Sep 2009 17:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16604 The High Court ruled against the assessee regarding entitlement to initial depreciation and development rebate under specific schedules of the Income-tax Act, 1961, as the assessee did not engage in manufacturing or production of textiles. However, the court ruled in favor of the assessee on the validity of reopening the assessment under section 147(b) of the Act, determining it was based on a mere change of opinion and was not valid. The judgment emphasized the importance of proper grounds for reassessment under the Income-tax Act, 1961. Case-Laws Income Tax Mon, 17 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16604