2009 (2) TMI 834 - HC - Income Tax

Summary

The Punjab and Haryana High Court upheld the decision of the Income-tax Appellate Authority to set aside a reassessment order by the Assessing Officer. The reassessment was solely based on an audit objection without independent determination, which was deemed insufficient for re-opening an assessment as per the Supreme Court ruling in Indian & Eastern Newspaper Society v. CIT [1979] 119 ITR 9961. The High Court dismissed the appeal.