https://www.taxtmi.com/caselaws?id=17181 The High Court held that the reopening of the assessment under section 147(b) of the Income-tax Act, 1961 was invalid. The Court emphasized that discovering an error on reconsideration of the same material does not constitute valid grounds for reopening. The Court found that the Income-tax Officer did not have a bona fide belief that income had escaped assessment, making the reopening impermissible. The Court did not address the determination of terminal allowance and profit as it had already deemed the reopening invalid. en-us Wed, 10 Apr 1996 00:00:00 +0530 Tue, 15 Sep 2009 16:22:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17181 The High Court held that the reopening of the assessment under section 147(b) of the Income-tax Act, 1961 was invalid. The Court emphasized that discovering an error on reconsideration of the same material does not constitute valid grounds for reopening. The Court found that the Income-tax Officer did not have a bona fide belief that income had escaped assessment, making the reopening impermissible. The Court did not address the determination of terminal allowance and profit as it had already deemed the reopening invalid. Case-Laws Income Tax Wed, 10 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17181