1979 (8) TMI 1 - SUPREME COURT

Reopening of assessment u/s 147 - Can the view expressed by an internal audit party of the income-tax department on a point of law be regarded as "information" for the purpose of initiating proceedings under s. 147(b)? - Whether ITO was legally justified in reopening the assessments on the basis of the view expressed by the internal audit party and received by him subsequent to the original assessment - question referred by Tribunal is answered in the negative, in favour of the assessee