https://www.taxtmi.com/caselaws?id=68749 The Appellate Tribunal ITAT Lucknow ruled in favor of the assessee in a case involving the reassessment proceedings initiated based on an objection by the internal audit party. The Tribunal emphasized the importance of the Assessing Officer (AO) having a valid "reason to believe" for reopening an assessment, rather than solely relying on external objections. The reassessment proceedings were deemed invalid as they were solely initiated based on the objection of the internal audit party, without the AO forming an independent reason to believe. Consequently, the reassessment orders for both assessment years were quashed. en-us Wed, 30 Jul 2003 00:00:00 +0530 Fri, 01 Apr 2011 12:32:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68749 The Appellate Tribunal ITAT Lucknow ruled in favor of the assessee in a case involving the reassessment proceedings initiated based on an objection by the internal audit party. The Tribunal emphasized the importance of the Assessing Officer (AO) having a valid "reason to believe" for reopening an assessment, rather than solely relying on external objections. The reassessment proceedings were deemed invalid as they were solely initiated based on the objection of the internal audit party, without the AO forming an independent reason to believe. Consequently, the reassessment orders for both assessment years were quashed. Case-Laws Income Tax Wed, 30 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68749