https://www.taxtmi.com/caselaws?id=36462 Reassessment under section 147(b) was held invalid where the Income-tax Officer reopened the assessment on the basis of the same material already examined in the original proceedings, including the assessee's section 35B claim. The court held that the statutory condition for reassessment requires fresh information leading to a reason to believe that income has escaped assessment; a mere different appreciation of existing records is only a change of opinion and does not confer jurisdiction. The question was answered against the Revenue and in favour of the assessee. en-us Thu, 10 Apr 1980 00:00:00 +0530 Mon, 22 Mar 2010 15:04:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36462 Reassessment under section 147(b) was held invalid where the Income-tax Officer reopened the assessment on the basis of the same material already examined in the original proceedings, including the assessee's section 35B claim. The court held that the statutory condition for reassessment requires fresh information leading to a reason to believe that income has escaped assessment; a mere different appreciation of existing records is only a change of opinion and does not confer jurisdiction. The question was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Thu, 10 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36462