https://www.taxtmi.com/caselaws?id=60457 The Appellate Tribunal upheld that section 40(c) of the Income-tax Act, 1961 applies only to natural persons, not juridical persons. The Tribunal also dismissed the revenue's appeal regarding the validity of reopening assessment proceedings under section 147(b), ruling that the Income Tax Officer's decision was unjustified as it was based on a mere change of opinion without new information. The judgment provides a detailed analysis of legal interpretations and precedents supporting these decisions. en-us Fri, 14 May 1982 00:00:00 +0530 Wed, 05 Jan 2011 13:44:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60457 The Appellate Tribunal upheld that section 40(c) of the Income-tax Act, 1961 applies only to natural persons, not juridical persons. The Tribunal also dismissed the revenue's appeal regarding the validity of reopening assessment proceedings under section 147(b), ruling that the Income Tax Officer's decision was unjustified as it was based on a mere change of opinion without new information. The judgment provides a detailed analysis of legal interpretations and precedents supporting these decisions. Case-Laws Income Tax Fri, 14 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60457