https://www.taxtmi.com/caselaws?id=177456 The ITAT dismissed the revenue's appeals and allowed the assessee's cross-objections, quashing the reassessment orders and deleting the additions made under Section 69 of the Income Tax Act. The tribunal found that there was no direct evidence linking the assessee to the unaccounted transactions and highlighted procedural lapses in the reassessment process. The decision emphasized the significance of adhering to procedural requirements and prioritizing documentary evidence over oral statements in tax assessments. en-us Fri, 09 Jan 2015 00:00:00 +0530 Sat, 09 Jan 2016 16:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177456 The ITAT dismissed the revenue's appeals and allowed the assessee's cross-objections, quashing the reassessment orders and deleting the additions made under Section 69 of the Income Tax Act. The tribunal found that there was no direct evidence linking the assessee to the unaccounted transactions and highlighted procedural lapses in the reassessment process. The decision emphasized the significance of adhering to procedural requirements and prioritizing documentary evidence over oral statements in tax assessments. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177456