https://www.taxtmi.com/caselaws?id=26989 The High Court held that the reassessment u/s 147(b) of the Income-tax Act, 1961 was invalid as it was based on reconsideration of existing facts influenced by audit objections, not new information. The Court emphasized that the assessing officer's satisfaction must be based on new information, not merely a change of opinion or directions from the Commissioner. Consequently, the reassessment was annulled, and the original assessment stood. The Court did not address the issue of the legality of initiating action u/s 147(b) while the original assessment was under appeal. en-us Fri, 21 Sep 1984 00:00:00 +0530 Wed, 10 Feb 2010 10:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26989 The High Court held that the reassessment u/s 147(b) of the Income-tax Act, 1961 was invalid as it was based on reconsideration of existing facts influenced by audit objections, not new information. The Court emphasized that the assessing officer's satisfaction must be based on new information, not merely a change of opinion or directions from the Commissioner. Consequently, the reassessment was annulled, and the original assessment stood. The Court did not address the issue of the legality of initiating action u/s 147(b) while the original assessment was under appeal. Case-Laws Income Tax Fri, 21 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26989