https://www.taxtmi.com/caselaws?id=24002 The Tribunal was justified in holding that there was no new information in the possession of the Inspecting Assistant Commissioner to form a reasonable belief that income had escaped assessment. The reassessment of a non-resident shipping company's income was based on a different computation method, which was deemed by the Tribunal as not constituting new information. The Supreme Court precedent cited emphasized that adopting a different method does not warrant reopening an assessment if the original method was legally correct. Ultimately, the Tribunal's decision was upheld in favor of the assessee, with no costs awarded. en-us Wed, 21 Dec 1988 00:00:00 +0530 Fri, 15 Jan 2010 17:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24002 The Tribunal was justified in holding that there was no new information in the possession of the Inspecting Assistant Commissioner to form a reasonable belief that income had escaped assessment. The reassessment of a non-resident shipping company's income was based on a different computation method, which was deemed by the Tribunal as not constituting new information. The Supreme Court precedent cited emphasized that adopting a different method does not warrant reopening an assessment if the original method was legally correct. Ultimately, the Tribunal's decision was upheld in favor of the assessee, with no costs awarded. Case-Laws Income Tax Wed, 21 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24002