https://www.taxtmi.com/caselaws?id=18644 The court found in favor of the assessee on all issues. It held that the Income-tax Officer lacked the necessary fresh information to justify reopening the assessment under section 147(b) of the Income-tax Act, emphasizing the requirement for a nexus with income escaping taxation. Additionally, it affirmed that a change in shareholding does not disqualify the carry forward of business losses under section 79, provided specific conditions are met. The court also determined that the assessee qualified as an industrial company for tax purposes based on its business activities, subjecting it to relevant tax rates. en-us Tue, 07 Nov 1995 00:00:00 +0530 Sat, 31 Oct 2009 10:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18644 The court found in favor of the assessee on all issues. It held that the Income-tax Officer lacked the necessary fresh information to justify reopening the assessment under section 147(b) of the Income-tax Act, emphasizing the requirement for a nexus with income escaping taxation. Additionally, it affirmed that a change in shareholding does not disqualify the carry forward of business losses under section 79, provided specific conditions are met. The court also determined that the assessee qualified as an industrial company for tax purposes based on its business activities, subjecting it to relevant tax rates. Case-Laws Income Tax Tue, 07 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18644