https://www.taxtmi.com/caselaws?id=28414 The court ruled in favor of the assessee, holding that the reassessment under section 147(b) of the Income Tax Act was not legally sustainable. The court emphasized the requirement for fresh material to justify reassessment and rejected the argument that reopening an assessment could be done without new information. It concluded that the assessing officer's attempt to reassess the annual rental value was based on a change of opinion, which is not a valid reason for reopening an assessment. The court upheld the Tribunal's decision and directed the Revenue to pay costs. en-us Thu, 14 Jul 1983 00:00:00 +0530 Mon, 22 Feb 2010 13:02:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28414 The court ruled in favor of the assessee, holding that the reassessment under section 147(b) of the Income Tax Act was not legally sustainable. The court emphasized the requirement for fresh material to justify reassessment and rejected the argument that reopening an assessment could be done without new information. It concluded that the assessing officer's attempt to reassess the annual rental value was based on a change of opinion, which is not a valid reason for reopening an assessment. The court upheld the Tribunal's decision and directed the Revenue to pay costs. Case-Laws Income Tax Thu, 14 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28414