https://www.taxtmi.com/caselaws?id=36774 The Tribunal considered the correctness of reopening assessments for assessment years 1965-66 to 1967-68 under section 147(b) based on rental income discrepancies. The Court ruled in favor of the assessee, finding that the Income Tax Officer had information on the rental income during the original assessment and thus lacked jurisdiction to reopen under section 147(b). As there was no new external information post-assessment, the Court held that the assessments should not have been reopened, directing a refund of penalties and awarding costs to the assessee. en-us Mon, 27 Aug 1979 00:00:00 +0530 Wed, 24 Mar 2010 13:50:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36774 The Tribunal considered the correctness of reopening assessments for assessment years 1965-66 to 1967-68 under section 147(b) based on rental income discrepancies. The Court ruled in favor of the assessee, finding that the Income Tax Officer had information on the rental income during the original assessment and thus lacked jurisdiction to reopen under section 147(b). As there was no new external information post-assessment, the Court held that the assessments should not have been reopened, directing a refund of penalties and awarding costs to the assessee. Case-Laws Income Tax Mon, 27 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36774