https://www.taxtmi.com/caselaws?id=331993 The High Court ruled in favor of the assessee in a case involving the correctness of the ITAT order rejecting the cross-objection, the validity of reassessment under Section 147(1), and the addition under Section 68. The Court held that the ITAT erred in dismissing the cross-objection without proper justification, emphasized the requirement of tangible material for reassessment following the Kelvinator India Ltd. case, and stressed the necessity of establishing a direct link between the alleged undisclosed income and the assessee's reporting to justify taxability. en-us Mon, 22 Aug 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331993 The High Court ruled in favor of the assessee in a case involving the correctness of the ITAT order rejecting the cross-objection, the validity of reassessment under Section 147(1), and the addition under Section 68. The Court held that the ITAT erred in dismissing the cross-objection without proper justification, emphasized the requirement of tangible material for reassessment following the Kelvinator India Ltd. case, and stressed the necessity of establishing a direct link between the alleged undisclosed income and the assessee's reporting to justify taxability. Case-Laws Income Tax Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331993