https://www.taxtmi.com/caselaws?id=25824 The High Court held that the reassessment proceedings under section 147(b) of the Income-tax Act, 1961 were not validly initiated. The court ruled that the Income-tax Officer reopening the assessment based on the audit party's opinion did not constitute valid "information" under the Act. Additionally, the court found that the rental income from a palace was exempt under section 10(19A) and any differing opinion by the Income-tax Officer would amount to a mere change of opinion on already considered material. Consequently, the reassessment proceedings were deemed invalid, and each party was ordered to bear their own costs. en-us Wed, 14 Jan 1987 00:00:00 +0530 Mon, 01 Feb 2010 11:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25824 The High Court held that the reassessment proceedings under section 147(b) of the Income-tax Act, 1961 were not validly initiated. The court ruled that the Income-tax Officer reopening the assessment based on the audit party's opinion did not constitute valid "information" under the Act. Additionally, the court found that the rental income from a palace was exempt under section 10(19A) and any differing opinion by the Income-tax Officer would amount to a mere change of opinion on already considered material. Consequently, the reassessment proceedings were deemed invalid, and each party was ordered to bear their own costs. Case-Laws Income Tax Wed, 14 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25824