https://www.taxtmi.com/caselaws?id=31509 The High Court upheld the validity of reassessment under section 147(b) of the Income-tax Act, 1961 for the assessment year 1987-88. The court ruled in favor of the Revenue, rejecting the assessee's plea that the reassessment was based on a change of opinion. The High Court emphasized that the reassessment was justified under Explanation 1 to section 147, as the assessee had been granted excessive relief under section 80HHC. The court held that the action taken by the Assessing Officer was in accordance with the law, supporting the Revenue's position and denying the assessee's objections. en-us Fri, 13 Jul 2007 00:00:00 +0530 Sat, 15 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31509 The High Court upheld the validity of reassessment under section 147(b) of the Income-tax Act, 1961 for the assessment year 1987-88. The court ruled in favor of the Revenue, rejecting the assessee's plea that the reassessment was based on a change of opinion. The High Court emphasized that the reassessment was justified under Explanation 1 to section 147, as the assessee had been granted excessive relief under section 80HHC. The court held that the action taken by the Assessing Officer was in accordance with the law, supporting the Revenue's position and denying the assessee's objections. Case-Laws Income Tax Fri, 13 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31509