https://www.taxtmi.com/caselaws?id=305736 Reassessment under the Excess Profits Tax Act and the Indian Income-tax Act was examined on whether the taxing authority had definite, fresh information showing escaped assessment and whether later notices displaced an earlier reopening notice. The text states that actual knowledge of the relevant material, not mere availability of records or a change of opinion, is required to sustain reopening, and that proceedings remain valid where fresh facts create a bona fide belief of escaped income. It also notes that a prior notice is not waived or superseded merely because another notice is later issued if the earlier proceeding was not formally dropped. en-us Wed, 17 Jul 1963 00:00:00 +0530 Thu, 22 Dec 2022 15:56:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305736 Reassessment under the Excess Profits Tax Act and the Indian Income-tax Act was examined on whether the taxing authority had definite, fresh information showing escaped assessment and whether later notices displaced an earlier reopening notice. The text states that actual knowledge of the relevant material, not mere availability of records or a change of opinion, is required to sustain reopening, and that proceedings remain valid where fresh facts create a bona fide belief of escaped income. It also notes that a prior notice is not waived or superseded merely because another notice is later issued if the earlier proceeding was not formally dropped. Case-Laws Income Tax Wed, 17 Jul 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305736