https://www.taxtmi.com/caselaws?id=231323 The HC held that the AO failed to conduct necessary inquiries and verification despite the assessee submitting confirmation letters, PAN details, bank statements, affidavits, and balance sheets. The AO's closure of proceedings without summoning the directors or parties rendered the assessment incomplete and inadequate. Consequently, the additions based on sham and bogus transactions were not sustained due to the lack of thorough investigation and verification during the assessment. en-us Wed, 11 Apr 2012 00:00:00 +0530 Thu, 14 Aug 2025 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=231323 The HC held that the AO failed to conduct necessary inquiries and verification despite the assessee submitting confirmation letters, PAN details, bank statements, affidavits, and balance sheets. The AO's closure of proceedings without summoning the directors or parties rendered the assessment incomplete and inadequate. Consequently, the additions based on sham and bogus transactions were not sustained due to the lack of thorough investigation and verification during the assessment. Case-Laws Income Tax Wed, 11 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=231323