https://www.taxtmi.com/caselaws?id=55308 Reassessment under section 147(b) is said to require fresh and legally relevant information, a belief based on that information, and a nexus with escapement of income; a mere reappraisal of the same record amounts to change of opinion and is invalid. The note also states that a bank's bad debt deduction is allowable when advances are identified as irrecoverable, written off through the accounting process, and supported by the bank's commercial review and records. It further explains that interest under section 139(8) must be recomputed consequentially when the principal additions are deleted or substantially reduced, so the original interest charge cannot stand unchanged. en-us Mon, 07 Sep 1987 00:00:00 +0530 Thu, 25 Nov 2010 13:29:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55308 Reassessment under section 147(b) is said to require fresh and legally relevant information, a belief based on that information, and a nexus with escapement of income; a mere reappraisal of the same record amounts to change of opinion and is invalid. The note also states that a bank's bad debt deduction is allowable when advances are identified as irrecoverable, written off through the accounting process, and supported by the bank's commercial review and records. It further explains that interest under section 139(8) must be recomputed consequentially when the principal additions are deleted or substantially reduced, so the original interest charge cannot stand unchanged. Case-Laws Income Tax Mon, 07 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55308