https://www.taxtmi.com/caselaws?id=29061 The High Court ruled against the Revenue in a case involving reassessment by the ITO of an assessee-trust's income. The court found that the reassessment was not based on new information but rather on a change of opinion, leading to a lack of jurisdiction under section 147(b) of the Income Tax Act. The court held that the ITO's actions were invalid as there was no new information prompting the reassessment, emphasizing the need for valid grounds for such proceedings and upholding tax law principles. en-us Thu, 21 Jan 1982 00:00:00 +0530 Wed, 10 Mar 2010 15:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29061 The High Court ruled against the Revenue in a case involving reassessment by the ITO of an assessee-trust's income. The court found that the reassessment was not based on new information but rather on a change of opinion, leading to a lack of jurisdiction under section 147(b) of the Income Tax Act. The court held that the ITO's actions were invalid as there was no new information prompting the reassessment, emphasizing the need for valid grounds for such proceedings and upholding tax law principles. Case-Laws Income Tax Thu, 21 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29061