https://www.taxtmi.com/caselaws?id=348045 The Tribunal upheld the appellant's appeal, ruling that the reopening of the assessment under section 147 was justified based on sufficient reasons to believe income had escaped assessment. However, the addition of Rs. 40 lakhs under section 69B was deemed unjustified due to the denial of the appellant's right to cross-examine the individual whose statement formed the basis of the addition. The Tribunal emphasized the importance of adhering to principles of natural justice and providing the appellant with the opportunity for cross-examination, ultimately annulling the addition and ruling in favor of the assessee on 25/07/2017. en-us Tue, 25 Jul 2017 00:00:00 +0530 Wed, 13 Sep 2017 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348045 The Tribunal upheld the appellant's appeal, ruling that the reopening of the assessment under section 147 was justified based on sufficient reasons to believe income had escaped assessment. However, the addition of Rs. 40 lakhs under section 69B was deemed unjustified due to the denial of the appellant's right to cross-examine the individual whose statement formed the basis of the addition. The Tribunal emphasized the importance of adhering to principles of natural justice and providing the appellant with the opportunity for cross-examination, ultimately annulling the addition and ruling in favor of the assessee on 25/07/2017. Case-Laws Income Tax Tue, 25 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348045