https://www.taxtmi.com/caselaws?id=39585 The High Court upheld the reassessment of certain items as taxable perquisites that had allegedly escaped assessment, despite the Tribunal finding that the addition of some items was not justified on merits. The Court held that the Income-tax Officer was justified in invoking powers under section 147(b) for reassessment, emphasizing that new information from an external source was not necessary if the officer had not considered the chargeability of income during the original assessment. The Court ruled in favor of the Revenue, directing the assessee to pay costs. en-us Tue, 01 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 10:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39585 The High Court upheld the reassessment of certain items as taxable perquisites that had allegedly escaped assessment, despite the Tribunal finding that the addition of some items was not justified on merits. The Court held that the Income-tax Officer was justified in invoking powers under section 147(b) for reassessment, emphasizing that new information from an external source was not necessary if the officer had not considered the chargeability of income during the original assessment. The Court ruled in favor of the Revenue, directing the assessee to pay costs. Case-Laws Income Tax Tue, 01 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39585