https://www.taxtmi.com/caselaws?id=371361 The High Court quashed the reassessment notice dated 31.03.2018 and its proceedings, finding it impermissible as it solely relied on an audit opinion, constituting a change of opinion. The court stressed the requirement for tangible material to justify reassessment, emphasizing that mere reliance on audit reports is insufficient. Compliance with Accounting Standards and full disclosure of material facts by the assessee were underscored to avoid reassessment. en-us Fri, 16 Nov 2018 00:00:00 +0530 Thu, 27 Dec 2018 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371361 The High Court quashed the reassessment notice dated 31.03.2018 and its proceedings, finding it impermissible as it solely relied on an audit opinion, constituting a change of opinion. The court stressed the requirement for tangible material to justify reassessment, emphasizing that mere reliance on audit reports is insufficient. Compliance with Accounting Standards and full disclosure of material facts by the assessee were underscored to avoid reassessment. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371361