Dismissing the appeal of the revenue the Court held that a notice for reassessment based on mere audit objection raised by the internal auditors of the Department is not valid. ( AY.2003-04)
CIT v. Gmr Holdings P. Ltd. (2018) 407 ITR 439 (Karn) (HC)
S. 147 : Reassessment –Notice based on the audit objection is not valid .[ S.148 ]