https://www.taxtmi.com/caselaws?id=260957 The ITAT upheld the validity of the reassessment proceedings for AY 1999-2000, emphasizing that the Assessing Officer had sufficient reason to believe income had escaped assessment. It found fault with the admission of additional evidence without allowing the Assessing Officer to respond, directing a rehearing to comply with procedural rules. The ITAT remanded the deletion of additions on cash credit and expenses back to the CIT(A) for proper handling. The judgment did not delve into the justification of invoking Section 145 or the deletion of the addition based on the net profit ratio. The appeal by the Revenue was partially allowed, stressing procedural compliance and fairness to the Assessing Officer. en-us Wed, 06 May 2015 00:00:00 +0530 Mon, 29 Jun 2015 06:29:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260957 The ITAT upheld the validity of the reassessment proceedings for AY 1999-2000, emphasizing that the Assessing Officer had sufficient reason to believe income had escaped assessment. It found fault with the admission of additional evidence without allowing the Assessing Officer to respond, directing a rehearing to comply with procedural rules. The ITAT remanded the deletion of additions on cash credit and expenses back to the CIT(A) for proper handling. The judgment did not delve into the justification of invoking Section 145 or the deletion of the addition based on the net profit ratio. The appeal by the Revenue was partially allowed, stressing procedural compliance and fairness to the Assessing Officer. Case-Laws Income Tax Wed, 06 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260957