https://www.taxtmi.com/caselaws?id=37820 Reassessment under Section 147(b) is justified where the Income-tax Officer has reason to believe income escaped assessment on the basis of information in possession, including material already on record whose significance is later realised. Such information may emerge from further enquiry or legal analysis, and a mere change of opinion does not invalidate reopening if the action is founded on information rather than a different line of reasoning alone. On that basis, reopening remains valid when the escaped income belief is derived from the record and subsequent appreciation of its implications. en-us Mon, 16 Jun 1975 00:00:00 +0530 Thu, 01 Apr 2010 12:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37820 Reassessment under Section 147(b) is justified where the Income-tax Officer has reason to believe income escaped assessment on the basis of information in possession, including material already on record whose significance is later realised. Such information may emerge from further enquiry or legal analysis, and a mere change of opinion does not invalidate reopening if the action is founded on information rather than a different line of reasoning alone. On that basis, reopening remains valid when the escaped income belief is derived from the record and subsequent appreciation of its implications. Case-Laws Income Tax Mon, 16 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37820