https://www.taxtmi.com/caselaws?id=60849 The Appellate Tribunal found that the reassessment under section 147(b) of the Income-tax Act, 1961 was invalid as it was based on a mere change of opinion by the Income-tax Officer, which was not considered valid grounds for reopening the assessment. The Tribunal emphasized that information for initiating reassessment proceedings must be derived from an external source and not just a change of opinion. Consequently, the Tribunal canceled the reassessment and restored the original assessment, ruling in favor of the appellant without delving into the merits of the case. en-us Wed, 28 Feb 1990 00:00:00 +0530 Sat, 08 Jan 2011 13:04:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60849 The Appellate Tribunal found that the reassessment under section 147(b) of the Income-tax Act, 1961 was invalid as it was based on a mere change of opinion by the Income-tax Officer, which was not considered valid grounds for reopening the assessment. The Tribunal emphasized that information for initiating reassessment proceedings must be derived from an external source and not just a change of opinion. Consequently, the Tribunal canceled the reassessment and restored the original assessment, ruling in favor of the appellant without delving into the merits of the case. Case-Laws Income Tax Wed, 28 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60849