https://www.taxtmi.com/caselaws?id=38823 The court upheld the validity of reassessments under section 147(b) of the Income-tax Act, 1961 for the assessment years 1968-69 and 1969-70. It determined that the internal audit party's note constituted valid "information" for reopening assessments, emphasizing that the Income-tax Officer's lack of awareness of legal limits during the original assessment distinguished it from a mere change of opinion. The decision clarified that "information" for tax assessments can include self-generated knowledge by the officer and affirmed the criteria for applying section 147(b) in cases of overlooked facts or external sources revealing new information. en-us Wed, 15 Dec 1976 00:00:00 +0530 Fri, 09 Apr 2010 12:25:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38823 The court upheld the validity of reassessments under section 147(b) of the Income-tax Act, 1961 for the assessment years 1968-69 and 1969-70. It determined that the internal audit party's note constituted valid "information" for reopening assessments, emphasizing that the Income-tax Officer's lack of awareness of legal limits during the original assessment distinguished it from a mere change of opinion. The decision clarified that "information" for tax assessments can include self-generated knowledge by the officer and affirmed the criteria for applying section 147(b) in cases of overlooked facts or external sources revealing new information. Case-Laws Income Tax Wed, 15 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38823