https://www.taxtmi.com/caselaws?id=359677 The Appellate Tribunal partly allowed the appeal challenging the validity of reopening under section 147 of the Income Tax Act and the estimation of profit on alleged hawala purchases. The Tribunal set aside the Commissioner of Income Tax (Appeals)'s order on the profit estimation, directing the Assessing Officer to reexamine the matter with the opportunity for cross-examination and submission of relevant documents. It emphasized the importance of fair hearings and obtaining necessary evidence from involved parties, requiring the assessee to provide updated addresses for the reexamination process. en-us Wed, 25 Apr 2018 00:00:00 +0530 Tue, 01 May 2018 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359677 The Appellate Tribunal partly allowed the appeal challenging the validity of reopening under section 147 of the Income Tax Act and the estimation of profit on alleged hawala purchases. The Tribunal set aside the Commissioner of Income Tax (Appeals)'s order on the profit estimation, directing the Assessing Officer to reexamine the matter with the opportunity for cross-examination and submission of relevant documents. It emphasized the importance of fair hearings and obtaining necessary evidence from involved parties, requiring the assessee to provide updated addresses for the reexamination process. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359677