https://www.taxtmi.com/caselaws?id=39522 A reassessment under section 147(b) is valid where subsequent information gives the Income-tax Officer reason to believe that income has escaped assessment. A later and final judicial determination that section 44D did not apply, especially where the original assessment had proceeded before that issue attained finality, could constitute such information. The court treated the later High Court decision, together with departmental acceptance of that view, as fresh material and held that the reopening was not a mere change of opinion. The reassessment for 1960-61 was therefore upheld and the issue was decided in favour of the Revenue. en-us Mon, 30 Sep 1974 00:00:00 +0530 Sat, 17 Apr 2010 10:59:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39522 A reassessment under section 147(b) is valid where subsequent information gives the Income-tax Officer reason to believe that income has escaped assessment. A later and final judicial determination that section 44D did not apply, especially where the original assessment had proceeded before that issue attained finality, could constitute such information. The court treated the later High Court decision, together with departmental acceptance of that view, as fresh material and held that the reopening was not a mere change of opinion. The reassessment for 1960-61 was therefore upheld and the issue was decided in favour of the Revenue. Case-Laws Income Tax Mon, 30 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39522