https://www.taxtmi.com/caselaws?id=289634 Reassessment under section 34(1)(b) of the Indian Income-tax Act, 1922 could not be founded on information already in the Income-tax Officer's possession before the assessment became under-assessed through rectification under section 35. The statutory condition required information in consequence of which the officer had reason to believe income had escaped assessment or been assessed too low, and that information had to be subsequent to the under-assessment sought to be reopened. Because the relevant facts were known earlier, the rectification order could not convert prior information into valid reopening material. Reopening was therefore unjustified and the question was answered in favour of the assessee. en-us Wed, 07 Nov 1962 00:00:00 +0530 Mon, 10 Aug 2020 14:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289634 Reassessment under section 34(1)(b) of the Indian Income-tax Act, 1922 could not be founded on information already in the Income-tax Officer's possession before the assessment became under-assessed through rectification under section 35. The statutory condition required information in consequence of which the officer had reason to believe income had escaped assessment or been assessed too low, and that information had to be subsequent to the under-assessment sought to be reopened. Because the relevant facts were known earlier, the rectification order could not convert prior information into valid reopening material. Reopening was therefore unjustified and the question was answered in favour of the assessee. Case-Laws Income Tax Wed, 07 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289634