https://www.taxtmi.com/caselaws?id=249653 The court allowed the petitions and ruled in favor of the petitioners, quashing the reassessment notices for all Assessment Years. It held that initiating reassessment solely based on audit objections without the Assessing Officer's independent application of mind renders such notices unsustainable. The judgment emphasized the necessity of the Assessing Officer's subjective satisfaction in initiating reassessment proceedings, highlighting the importance of independent decision-making rather than reliance solely on audit objections. en-us Tue, 08 Jul 2014 00:00:00 +0530 Sat, 19 Jul 2014 10:10:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249653 The court allowed the petitions and ruled in favor of the petitioners, quashing the reassessment notices for all Assessment Years. It held that initiating reassessment solely based on audit objections without the Assessing Officer's independent application of mind renders such notices unsustainable. The judgment emphasized the necessity of the Assessing Officer's subjective satisfaction in initiating reassessment proceedings, highlighting the importance of independent decision-making rather than reliance solely on audit objections. Case-Laws Income Tax Tue, 08 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249653