1997 (10) TMI 5 - SC - Income Tax

Tribunal and the High Court were in error in holding that the information given by the internal audit party could not be treated as information within the meaning of section 147(b) - There can be no dispute that the audit party is entitled to point out a factual error or omission in the assessment. Reopening of the case on the basis of a factual error pointed out by the audit party is permissible under law