https://www.taxtmi.com/caselaws?id=296960 The High Court held that the departmental valuer's report alone cannot be considered sufficient information for reopening an assessment. The Court emphasized that the valuation report is merely an opinion and does not meet the criteria of providing new taxable income information to justify reassessment. Relying on various precedents, the Court concluded that the valuation report does not fulfill the requirements under Section 147(b) of the Act for reassessment. The Court ruled in favor of the assessee, stating that the valuation officer's report does not constitute valid information for reopening a completed assessment. en-us Thu, 28 Aug 2008 00:00:00 +0530 Fri, 13 Aug 2021 15:16:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296960 The High Court held that the departmental valuer's report alone cannot be considered sufficient information for reopening an assessment. The Court emphasized that the valuation report is merely an opinion and does not meet the criteria of providing new taxable income information to justify reassessment. Relying on various precedents, the Court concluded that the valuation report does not fulfill the requirements under Section 147(b) of the Act for reassessment. The Court ruled in favor of the assessee, stating that the valuation officer's report does not constitute valid information for reopening a completed assessment. Case-Laws Income Tax Thu, 28 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296960