https://www.taxtmi.com/caselaws?id=20157 Reassessment under section 17 of the Wealth-tax Act could not be sustained where the notices were issued solely on the basis of an audit objection. The Court applied the settled principle that an audit opinion on valuation facts, by itself, is not a valid foundation for reopening an assessment, and treated that principle as applicable to section 17. On the uncontroverted writ averments, the notices and consequential steps were therefore unsupported in law and were quashed. en-us Mon, 24 Jan 1994 00:00:00 +0530 Thu, 12 Nov 2009 11:37:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20157 Reassessment under section 17 of the Wealth-tax Act could not be sustained where the notices were issued solely on the basis of an audit objection. The Court applied the settled principle that an audit opinion on valuation facts, by itself, is not a valid foundation for reopening an assessment, and treated that principle as applicable to section 17. On the uncontroverted writ averments, the notices and consequential steps were therefore unsupported in law and were quashed. Case-Laws Income Tax Mon, 24 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20157