https://www.taxtmi.com/caselaws?id=26435 An internal audit note does not constitute information for reassessment under section 147(b) where it merely reflects a different view on the same material already considered; reopening on a change of opinion is not permitted, so reassessment was unjustified. A reserve created under section 15(1) of the Payment of Bonus Act for a future contingent liability is not expenditure actually incurred, remains with the assessee, and is not diverted at source; it is therefore part of assessable income and not an allowable deduction as bonus or as a residuary business expense. en-us Thu, 02 Jan 1986 00:00:00 +0530 Fri, 05 Feb 2010 10:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26435 An internal audit note does not constitute information for reassessment under section 147(b) where it merely reflects a different view on the same material already considered; reopening on a change of opinion is not permitted, so reassessment was unjustified. A reserve created under section 15(1) of the Payment of Bonus Act for a future contingent liability is not expenditure actually incurred, remains with the assessee, and is not diverted at source; it is therefore part of assessable income and not an allowable deduction as bonus or as a residuary business expense. Case-Laws Income Tax Thu, 02 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26435