https://www.taxtmi.com/caselaws?id=61500 The Appellate Tribunal upheld the Commissioner (Appeals)'s decision to annul the reassessment under section 147(b) of the Income-tax Act, 1961. The Tribunal emphasized that the reassessment, triggered by a Valuation Officer's report received post-original assessment and deemed a mere change of opinion, was impermissible. It noted that the Income Tax Officer had already addressed the construction cost issue during the original assessment, and the subsequent Valuation Officer's report did not constitute new information for reassessment. The Tribunal dismissed the Revenue's appeal, affirming the annulment of the reassessment. en-us Sat, 26 Sep 1981 00:00:00 +0530 Wed, 12 Jan 2011 18:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61500 The Appellate Tribunal upheld the Commissioner (Appeals)'s decision to annul the reassessment under section 147(b) of the Income-tax Act, 1961. The Tribunal emphasized that the reassessment, triggered by a Valuation Officer's report received post-original assessment and deemed a mere change of opinion, was impermissible. It noted that the Income Tax Officer had already addressed the construction cost issue during the original assessment, and the subsequent Valuation Officer's report did not constitute new information for reassessment. The Tribunal dismissed the Revenue's appeal, affirming the annulment of the reassessment. Case-Laws Income Tax Sat, 26 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61500