Re-opening due to mere audit objection not valid

Brief of the Case Relying on judgment of jurisdictional High Court in the case of Raajratna Metal Industries Ltd. vs. ACIT, [2014] 49 taxmann.com 15 (Gujarat) ITAT Ahemdabad held in the case of DCIT vs. Naroda Enviro Project Ltd. that the reopening of assessment solely on the ground of audit objection is not valid. It was further held that the ITAT working in the State of Gujarat is bound by the decision of Hon’ble Gujarat High Court which is the jurisdictional High Court. The decision of the jurisdictional High Court is binding upon all the authorities working within the jurisdiction of the...