https://www.taxtmi.com/caselaws?id=10181 The court held that the notice issued under Section 148 of the Income-tax Act was invalid as it was based on a mere change of opinion without valid reasons to believe that income had escaped assessment. The Assessing Officer had not independently assessed the situation but relied on an audit objection, which was not a lawful basis for reopening the assessment. Consequently, the court allowed the petition, quashed the notice, and awarded costs to the petitioner. en-us Fri, 10 Sep 2004 00:00:00 +0530 Fri, 10 Jul 2009 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10181 The court held that the notice issued under Section 148 of the Income-tax Act was invalid as it was based on a mere change of opinion without valid reasons to believe that income had escaped assessment. The Assessing Officer had not independently assessed the situation but relied on an audit objection, which was not a lawful basis for reopening the assessment. Consequently, the court allowed the petition, quashed the notice, and awarded costs to the petitioner. Case-Laws Income Tax Fri, 10 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10181