https://www.taxtmi.com/caselaws?id=57668 The Tribunal dismissed the department's appeals, upholding the AAC's order annulling the reassessments. The reassessments were deemed invalid as they were initiated without new information, solely based on a change of opinion by the ITO. Additionally, the goods manufactured by the assessee were confirmed to be correctly classified as 'petro-chemicals' under item 18 of the 5th and 6th Schedule to the Income-tax Act. en-us Fri, 10 Jun 1977 00:00:00 +0530 Sat, 11 Dec 2010 14:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57668 The Tribunal dismissed the department's appeals, upholding the AAC's order annulling the reassessments. The reassessments were deemed invalid as they were initiated without new information, solely based on a change of opinion by the ITO. Additionally, the goods manufactured by the assessee were confirmed to be correctly classified as 'petro-chemicals' under item 18 of the 5th and 6th Schedule to the Income-tax Act. Case-Laws Income Tax Fri, 10 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57668