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2011 (3) TMI 701 - HC - Income TaxAddition - Penalty - Reopening of assessment - There is also catena of judgments to the effect that initiation of reassessment proceedings on the basis of audit report objections is bad in law - The sum and substance of discussion is that reassessment proceedings under section 147 read with 148 of the Act cannot be initiated merely based on the audit report - An audit is principally intended for the purpose of satisfying the auditor with regard to sufficiency of rules and procedures prescribed for the purpose of securing an effective check on the assessment, collection and proper allocation of revenue - all the appeals are dismissed
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