https://www.taxtmi.com/caselaws?id=14719 The court held that the reassessment under section 147 of the Income-tax Act was invalid as the reasons provided were not substantial and were based on the opinion of the internal audit party, which is not considered valid information for initiating reassessment proceedings. The court quashed the reassessment proceedings, ruling in favor of the petitioner and confirming the interim order without awarding costs. en-us Thu, 13 Jul 2000 00:00:00 +0530 Sat, 18 Jul 2009 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14719 The court held that the reassessment under section 147 of the Income-tax Act was invalid as the reasons provided were not substantial and were based on the opinion of the internal audit party, which is not considered valid information for initiating reassessment proceedings. The court quashed the reassessment proceedings, ruling in favor of the petitioner and confirming the interim order without awarding costs. Case-Laws Income Tax Thu, 13 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14719