https://www.taxtmi.com/caselaws?id=69124 The Tribunal quashed the notice issued under section 158BD and the subsequent assessment order, allowing the assessee's appeal. The initiation of proceedings under section 158BD was found to lack a valid basis, as the satisfaction recorded was deemed to be based on no material and contrary to the evidence on record. Additionally, the assessment was held to be in violation of natural justice due to the lack of opportunity for cross-examination, leading to its invalidation. The Tribunal also noted the non-disclosure of income and the non-granting of set-off loss, which were not separately adjudicated upon due to the quashing of the notice and assessment order. en-us Mon, 21 Aug 2000 00:00:00 +0530 Tue, 05 Apr 2011 12:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69124 The Tribunal quashed the notice issued under section 158BD and the subsequent assessment order, allowing the assessee's appeal. The initiation of proceedings under section 158BD was found to lack a valid basis, as the satisfaction recorded was deemed to be based on no material and contrary to the evidence on record. Additionally, the assessment was held to be in violation of natural justice due to the lack of opportunity for cross-examination, leading to its invalidation. The Tribunal also noted the non-disclosure of income and the non-granting of set-off loss, which were not separately adjudicated upon due to the quashing of the notice and assessment order. Case-Laws Income Tax Mon, 21 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69124