https://www.taxtmi.com/caselaws?id=27527 The court held that the audit report constituted valid information for reopening the assessment under section 17(1)(b) of the Wealth-tax Act, 1957. The report identified discrepancies in the treatment of assets and liabilities by the assessee, supporting the reassessment. The court emphasized that the audit report's role was to highlight factual inaccuracies, not dictate legal conclusions. Consequently, the court upheld the Tribunal's decision, dismissing the petition challenging the reassessment proceedings. en-us Mon, 07 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 13:37:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27527 The court held that the audit report constituted valid information for reopening the assessment under section 17(1)(b) of the Wealth-tax Act, 1957. The report identified discrepancies in the treatment of assets and liabilities by the assessee, supporting the reassessment. The court emphasized that the audit report's role was to highlight factual inaccuracies, not dictate legal conclusions. Consequently, the court upheld the Tribunal's decision, dismissing the petition challenging the reassessment proceedings. Case-Laws Wealth-tax Mon, 07 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27527