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Reassessment proceedings initiated u/s 147 were quashed by ITAT for violation of principles of natural justice due to lack of opportunity for cross-examination of statements relied upon for making unexplained investment addition u/s 69. ITAT held that assessee must be provided materials/statements used against them and given adequate opportunity to explain. Mere retraction statements obtained later cannot cure initial violation. AO failed to conduct further enquiries to unearth circumstantial evidence supporting impugned statements. Reassessment order passed in violation of natural justice, assessee's appeal allowed.
Reassessment proceedings initiated u/s 147 were quashed by ITAT for violation of principles of natural justice due to lack of opportunity for cross-examination of statements relied upon for making unexplained investment addition u/s 69. ITAT held that assessee must be provided materials/statements used against them and given adequate opportunity to explain. Mere retraction statements obtained later cannot cure initial violation. AO failed to conduct further enquiries to unearth circumstantial evidence supporting impugned statements. Reassessment order passed in violation of natural justice, assessee's appeal allowed.
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