https://www.taxtmi.com/caselaws?id=39321 A reasonable interpretation of an earlier Tribunal order can constitute "information" for reopening an assessment under section 34(1)(b) of the Indian Income-tax Act, 1922, if it is capable of supporting a belief that income had escaped assessment or been under-assessed. The Income-tax Officer was therefore entitled to act on a construction of the Tribunal's order indicating that no goodwill was sold and that the sale consideration represented the fair market value of the buses. The existence of another possible view, or the assessee's later explanation, did not defeat jurisdiction once that reasonable basis existed. Reopening was held valid. en-us Tue, 30 Jul 1974 00:00:00 +0530 Thu, 15 Apr 2010 15:23:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39321 A reasonable interpretation of an earlier Tribunal order can constitute "information" for reopening an assessment under section 34(1)(b) of the Indian Income-tax Act, 1922, if it is capable of supporting a belief that income had escaped assessment or been under-assessed. The Income-tax Officer was therefore entitled to act on a construction of the Tribunal's order indicating that no goodwill was sold and that the sale consideration represented the fair market value of the buses. The existence of another possible view, or the assessee's later explanation, did not defeat jurisdiction once that reasonable basis existed. Reopening was held valid. Case-Laws Income Tax Tue, 30 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39321