https://www.taxtmi.com/caselaws?id=162034 The High Court allowed the appeals, setting aside the reassessment orders and demand notices for two assessment periods under the Bihar Finance Act, 1981. The Court found the reassessment lacked independent decision-making and failed to meet the required standard, as the authority merely relied on an audit objection without proper evaluation, contrary to statutory requirements. The Court emphasized that new information triggering reassessment must lead to a belief of income escaping assessment, which was not demonstrated in this case. en-us Fri, 13 Jan 2006 00:00:00 +0530 Fri, 14 Feb 2014 17:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162034 The High Court allowed the appeals, setting aside the reassessment orders and demand notices for two assessment periods under the Bihar Finance Act, 1981. The Court found the reassessment lacked independent decision-making and failed to meet the required standard, as the authority merely relied on an audit objection without proper evaluation, contrary to statutory requirements. The Court emphasized that new information triggering reassessment must lead to a belief of income escaping assessment, which was not demonstrated in this case. Case-Laws VAT and Sales Tax Fri, 13 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162034