https://www.taxtmi.com/caselaws?id=345493 The Tribunal invalidated the reassessment proceedings and removed the addition of Rs. 75 lakhs under Section 68 of the Income Tax Act. The reassessment was deemed invalid due to the Assessing Officer's failure to independently assess the information and lack of application of mind. The addition under Section 68 was annulled as the AO did not conduct a proper inquiry and violated principles of natural justice by not allowing the assessee to cross-examine witnesses. The appeal by the assessee was upheld, and the stay application was dismissed. en-us Fri, 25 Nov 2016 00:00:00 +0530 Wed, 19 Jul 2017 10:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345493 The Tribunal invalidated the reassessment proceedings and removed the addition of Rs. 75 lakhs under Section 68 of the Income Tax Act. The reassessment was deemed invalid due to the Assessing Officer's failure to independently assess the information and lack of application of mind. The addition under Section 68 was annulled as the AO did not conduct a proper inquiry and violated principles of natural justice by not allowing the assessee to cross-examine witnesses. The appeal by the assessee was upheld, and the stay application was dismissed. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345493