https://www.taxtmi.com/caselaws?id=59016 The Tribunal allowed the Department's appeal, holding that the audit party's opinion constituted valid "information" under section 147(b) of the IT Act, allowing the reopening of assessment for the assessment year 1972-73. The decision emphasized the significance of external sources providing factual insights post the original assessment for a valid reassessment under the Act. The Tribunal directed the CIT(A) to reconsider the case based on its merits, overturning the previous cancellation of the reassessment. en-us Thu, 14 Oct 1982 00:00:00 +0530 Thu, 23 Dec 2010 15:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59016 The Tribunal allowed the Department's appeal, holding that the audit party's opinion constituted valid "information" under section 147(b) of the IT Act, allowing the reopening of assessment for the assessment year 1972-73. The decision emphasized the significance of external sources providing factual insights post the original assessment for a valid reassessment under the Act. The Tribunal directed the CIT(A) to reconsider the case based on its merits, overturning the previous cancellation of the reassessment. Case-Laws Income Tax Thu, 14 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59016