https://www.taxtmi.com/caselaws?id=215333 Adverse additions based on third-party donor statements require a fair and effective opportunity for the assessee to confront and rebut the material relied upon; on the record, the section 68 gift addition was set aside and remanded for fresh decision after reasonable opportunity. The trading addition linked to rejection of books under section 145(3) was also not finally sustained, because the Tribunal considered the entire controversy fit for de novo examination along with the gift issue; it too was restored for fresh adjudication. The governing principle was that additions founded on third-party material must rest on fair procedure and meaningful confrontation before they can be sustained. en-us Fri, 20 Jul 2012 00:00:00 +0530 Tue, 31 Jul 2012 23:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215333 Adverse additions based on third-party donor statements require a fair and effective opportunity for the assessee to confront and rebut the material relied upon; on the record, the section 68 gift addition was set aside and remanded for fresh decision after reasonable opportunity. The trading addition linked to rejection of books under section 145(3) was also not finally sustained, because the Tribunal considered the entire controversy fit for de novo examination along with the gift issue; it too was restored for fresh adjudication. The governing principle was that additions founded on third-party material must rest on fair procedure and meaningful confrontation before they can be sustained. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215333