https://www.taxtmi.com/caselaws?id=251173 The Tribunal upheld the reopening of assessment under Sections 147 and 148 based on new material discovered during a search operation, allowing for income escapement. The Tribunal directed the Assessee to provide details to establish the legitimacy of unexplained cash credits and liabilities. The addition under Section 44AD was deleted due to lack of evidence of unvouched expenses. The Tribunal emphasized procedural fairness and directed both parties to ensure adequate opportunities for presenting evidence. The Revenue's appeal was partially allowed, and the Assessee's cross-objection was dismissed, with certain issues remitted for re-examination. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sat, 06 Sep 2014 08:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251173 The Tribunal upheld the reopening of assessment under Sections 147 and 148 based on new material discovered during a search operation, allowing for income escapement. The Tribunal directed the Assessee to provide details to establish the legitimacy of unexplained cash credits and liabilities. The addition under Section 44AD was deleted due to lack of evidence of unvouched expenses. The Tribunal emphasized procedural fairness and directed both parties to ensure adequate opportunities for presenting evidence. The Revenue's appeal was partially allowed, and the Assessee's cross-objection was dismissed, with certain issues remitted for re-examination. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251173