https://www.taxtmi.com/caselaws?id=34432 The court upheld the validity of the reassessment notices under Section 147/148 of the Income Tax Act for the assessment years 2001-02 and 2002-03. It determined that the reassessment was not a result of a change of opinion but was based on new information, dismissing the petitioner's arguments regarding income classification and the application of res judicata. The court found the reasons for reopening the assessment to be relevant and justified, emphasizing that its observations should not impact the final decision of the Assessing Authority in the reassessment proceedings. en-us Tue, 25 Aug 2009 00:00:00 +0530 Fri, 29 Jan 2010 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34432 The court upheld the validity of the reassessment notices under Section 147/148 of the Income Tax Act for the assessment years 2001-02 and 2002-03. It determined that the reassessment was not a result of a change of opinion but was based on new information, dismissing the petitioner's arguments regarding income classification and the application of res judicata. The court found the reasons for reopening the assessment to be relevant and justified, emphasizing that its observations should not impact the final decision of the Assessing Authority in the reassessment proceedings. Case-Laws Income Tax Tue, 25 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34432