https://www.taxtmi.com/caselaws?id=10053 The court held that reassessment proceedings cannot solely rely on the testimony of a hostile witness, requiring corroborative evidence. It criticized the Assessing Officer for insufficient investigation and directed a detailed inquiry into the transaction's genuineness. The court emphasized the need for cross-examination and remitted the matter for a fresh inquiry to establish facts. The Tribunal's decision to withdraw depreciation allowance was set aside, instructing a comprehensive reevaluation based on all evidence. The appellant was granted the opportunity to contest any disputed assessments related to the transaction. en-us Tue, 06 Jul 2004 00:00:00 +0530 Mon, 06 Jul 2009 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10053 The court held that reassessment proceedings cannot solely rely on the testimony of a hostile witness, requiring corroborative evidence. It criticized the Assessing Officer for insufficient investigation and directed a detailed inquiry into the transaction's genuineness. The court emphasized the need for cross-examination and remitted the matter for a fresh inquiry to establish facts. The Tribunal's decision to withdraw depreciation allowance was set aside, instructing a comprehensive reevaluation based on all evidence. The appellant was granted the opportunity to contest any disputed assessments related to the transaction. Case-Laws Income Tax Tue, 06 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10053