https://www.taxtmi.com/caselaws?id=362011 Reopening of assessment under sections 147 and 148 was held valid where the Assessing Officer had a prima facie reason to believe, based on information from the CBI and material on record, that income had escaped assessment, and the sanction and objection-disposal requirements were complied with. However, the addition of unexplained income could not be sustained because it rested only on CBI-recorded statements without independent corroboration, and cross-examination of the statement maker was denied. The statement alone was held insufficient to justify the addition in income-tax proceedings, so the reassessment survived but the substantive addition was deleted. en-us Fri, 15 Jun 2018 00:00:00 +0530 Mon, 18 Jun 2018 08:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362011 Reopening of assessment under sections 147 and 148 was held valid where the Assessing Officer had a prima facie reason to believe, based on information from the CBI and material on record, that income had escaped assessment, and the sanction and objection-disposal requirements were complied with. However, the addition of unexplained income could not be sustained because it rested only on CBI-recorded statements without independent corroboration, and cross-examination of the statement maker was denied. The statement alone was held insufficient to justify the addition in income-tax proceedings, so the reassessment survived but the substantive addition was deleted. Case-Laws Income Tax Fri, 15 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362011