https://www.taxtmi.com/caselaws?id=20450 The High Court affirmed the Tribunal's decision, ruling that the reassessment proceedings initiated under Section 147(b) of the Income-tax Act were invalid. The Court held that the Central Board of Direct Taxes Circular did not constitute "information" for reassessment purposes, emphasizing that the Income-tax Officer's actions were a mere change of opinion without new information. The Court found the reassessment illegal and dismissed the order under Section 147(b), answering the legal question in favor of the taxpayer with no costs awarded. en-us Mon, 06 Jul 1992 00:00:00 +0530 Sat, 14 Nov 2009 10:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20450 The High Court affirmed the Tribunal's decision, ruling that the reassessment proceedings initiated under Section 147(b) of the Income-tax Act were invalid. The Court held that the Central Board of Direct Taxes Circular did not constitute "information" for reassessment purposes, emphasizing that the Income-tax Officer's actions were a mere change of opinion without new information. The Court found the reassessment illegal and dismissed the order under Section 147(b), answering the legal question in favor of the taxpayer with no costs awarded. Case-Laws Income Tax Mon, 06 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20450