https://www.taxtmi.com/caselaws?id=27455 Reopening of a completed assessment under section 8(b) of the Companies (Profits) Surtax Act, 1964 is valid only where the assessing officer possesses subsequent information that objectively gives rise to a reason to believe that chargeable profits escaped assessment. The materials relied on here were vague and indefinite, disclosed no fresh factual or legal basis, and did not identify any specific omission or error; an internal audit note by itself was insufficient. The attempted reassessment was therefore treated as a mere reappraisal of the same material and a change of opinion, so the reopening failed. en-us Wed, 19 Oct 1983 00:00:00 +0530 Sat, 13 Feb 2010 10:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27455 Reopening of a completed assessment under section 8(b) of the Companies (Profits) Surtax Act, 1964 is valid only where the assessing officer possesses subsequent information that objectively gives rise to a reason to believe that chargeable profits escaped assessment. The materials relied on here were vague and indefinite, disclosed no fresh factual or legal basis, and did not identify any specific omission or error; an internal audit note by itself was insufficient. The attempted reassessment was therefore treated as a mere reappraisal of the same material and a change of opinion, so the reopening failed. Case-Laws Income Tax Wed, 19 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27455