https://www.taxtmi.com/caselaws?id=344507 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 3 crores due to lack of concrete evidence of 'on money' payment for flat purchase. Reassessment proceedings under Sections 147/148 were deemed invalid as the AO lacked tangible material and relied on mere suspicion. The Tribunal emphasized the right to cross-examine witnesses and access evidence, highlighting violations of natural justice principles. The order was pronounced after considering inconsistencies in statements and lack of direct proof of cash transactions. en-us Mon, 01 May 2017 00:00:00 +0530 Mon, 19 Jun 2017 07:04:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344507 The Tribunal allowed the assessee's appeal, directing the AO to delete the addition of Rs. 3 crores due to lack of concrete evidence of 'on money' payment for flat purchase. Reassessment proceedings under Sections 147/148 were deemed invalid as the AO lacked tangible material and relied on mere suspicion. The Tribunal emphasized the right to cross-examine witnesses and access evidence, highlighting violations of natural justice principles. The order was pronounced after considering inconsistencies in statements and lack of direct proof of cash transactions. Case-Laws Income Tax Mon, 01 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344507