https://www.taxtmi.com/caselaws?id=20037 The High Court ruled in favor of the assessee, holding that the initiation of reassessment proceedings under section 147(b) of the Income-tax Act, 1961 lacked legal basis. The Court emphasized that the Income-tax Officer's power to reassess is limited to cases where new information, not considered in the original assessment, comes to light. Reassessment based on the same facts considered in the original assessment is impermissible. The judgment highlights the importance of distinguishing between new information and a mere change of opinion for initiating reassessment proceedings, safeguarding against arbitrary reassessment based on existing facts or legal provisions known during the original assessment. en-us Thu, 08 Apr 1993 00:00:00 +0530 Sun, 02 May 2010 23:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20037 The High Court ruled in favor of the assessee, holding that the initiation of reassessment proceedings under section 147(b) of the Income-tax Act, 1961 lacked legal basis. The Court emphasized that the Income-tax Officer's power to reassess is limited to cases where new information, not considered in the original assessment, comes to light. Reassessment based on the same facts considered in the original assessment is impermissible. The judgment highlights the importance of distinguishing between new information and a mere change of opinion for initiating reassessment proceedings, safeguarding against arbitrary reassessment based on existing facts or legal provisions known during the original assessment. Case-Laws Income Tax Thu, 08 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20037