https://www.taxtmi.com/caselaws?id=23630 The High Court of Madras upheld the reopening of assessments for the earlier years under section 147(b) of the Income-tax Act, 1961. The Court found that the reassessment was justified based on new information discovered during a subsequent assessment year, rather than being a mere change of opinion. Emphasizing the need for valid reasons and information to initiate proceedings under section 147(b), the Court ruled in favor of the Revenue, disallowing previously allowed losses under specific exemptions and awarding costs accordingly. en-us Mon, 17 Apr 1989 00:00:00 +0530 Tue, 22 Dec 2009 18:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23630 The High Court of Madras upheld the reopening of assessments for the earlier years under section 147(b) of the Income-tax Act, 1961. The Court found that the reassessment was justified based on new information discovered during a subsequent assessment year, rather than being a mere change of opinion. Emphasizing the need for valid reasons and information to initiate proceedings under section 147(b), the Court ruled in favor of the Revenue, disallowing previously allowed losses under specific exemptions and awarding costs accordingly. Case-Laws Income Tax Mon, 17 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23630