https://www.taxtmi.com/caselaws?id=60046 Reopening under section 147(b) was held unsustainable where the original assessment had treated the gain as long-term capital gain, but the later legal position showed it to be short-term capital gain on undisputed facts. The reopening was based on an error in applying the law, rather than fresh material, and the later Supreme Court ruling had clarified that section 147(b) could not be used merely to correct oversight or inadvertence by the Income-tax Officer. Applying that governing law, the reassessment was invalid and the assessee succeeded. en-us Thu, 18 Apr 1985 00:00:00 +0530 Mon, 03 Jan 2011 15:00:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60046 Reopening under section 147(b) was held unsustainable where the original assessment had treated the gain as long-term capital gain, but the later legal position showed it to be short-term capital gain on undisputed facts. The reopening was based on an error in applying the law, rather than fresh material, and the later Supreme Court ruling had clarified that section 147(b) could not be used merely to correct oversight or inadvertence by the Income-tax Officer. Applying that governing law, the reassessment was invalid and the assessee succeeded. Case-Laws Income Tax Thu, 18 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60046