https://www.taxtmi.com/caselaws?id=56904 The Tribunal found that the reopening of assessments for the assessment years 1975-76 to 1978-79 under Section 17(1)(b) of the Wealth Tax Act was not justified as it was based on a change of opinion rather than new information. The reassessments were invalidated, and the property valuation issue was not considered further. The deduction of loans secured against Life Insurance Policies was not addressed due to the invalid reassessments. The assessee's appeals were partly allowed, leading to the dismissal of revenue's appeals due to the cancellation of reassessments. en-us Mon, 04 Oct 1982 00:00:00 +0530 Tue, 07 Dec 2010 13:07:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56904 The Tribunal found that the reopening of assessments for the assessment years 1975-76 to 1978-79 under Section 17(1)(b) of the Wealth Tax Act was not justified as it was based on a change of opinion rather than new information. The reassessments were invalidated, and the property valuation issue was not considered further. The deduction of loans secured against Life Insurance Policies was not addressed due to the invalid reassessments. The assessee's appeals were partly allowed, leading to the dismissal of revenue's appeals due to the cancellation of reassessments. Case-Laws Income Tax Mon, 04 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56904