https://www.taxtmi.com/caselaws?id=70232 The ITAT MADRAS-C dismissed the revenue's appeals regarding the validity of reassessments for the assessment years 1974-75 and 1975-76. The Tribunal held that the initiation of reassessment proceedings based on an audit note was invalid as the note did not provide new legal opinions but reiterated existing facts. It emphasized that reassessment cannot rely on material already on record, citing relevant legal precedents. The reassessments were canceled under Section 17(1)(b) of the Wealth Tax Act, affirming the AAC's decision and rejecting the revenue's appeals. en-us Fri, 28 Jan 1983 00:00:00 +0530 Fri, 15 Apr 2011 10:06:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70232 The ITAT MADRAS-C dismissed the revenue's appeals regarding the validity of reassessments for the assessment years 1974-75 and 1975-76. The Tribunal held that the initiation of reassessment proceedings based on an audit note was invalid as the note did not provide new legal opinions but reiterated existing facts. It emphasized that reassessment cannot rely on material already on record, citing relevant legal precedents. The reassessments were canceled under Section 17(1)(b) of the Wealth Tax Act, affirming the AAC's decision and rejecting the revenue's appeals. Case-Laws Wealth-tax Fri, 28 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70232