https://www.taxtmi.com/caselaws?id=362502 The Tribunal dismissed the appellant's challenge to the reopening of assessment under section 147 due to lack of tangible material for income escapement. However, it held that assessments must be based on factual support, not mere suspicion. The appellant's claim for exemption under section 10(38) for Long Term Capital Gains was allowed as detailed evidence proved the transactions' genuineness. Allegations of bogus entries were dismissed due to lack of cross-examination opportunity. The Tribunal stressed the need for cross-examination, principles of natural justice, and further substantiation of transaction details, directing a re-adjudication by the Assessing Officer with thorough examination and evidence submission. en-us Thu, 03 May 2018 00:00:00 +0530 Wed, 27 Jun 2018 17:28:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362502 The Tribunal dismissed the appellant's challenge to the reopening of assessment under section 147 due to lack of tangible material for income escapement. However, it held that assessments must be based on factual support, not mere suspicion. The appellant's claim for exemption under section 10(38) for Long Term Capital Gains was allowed as detailed evidence proved the transactions' genuineness. Allegations of bogus entries were dismissed due to lack of cross-examination opportunity. The Tribunal stressed the need for cross-examination, principles of natural justice, and further substantiation of transaction details, directing a re-adjudication by the Assessing Officer with thorough examination and evidence submission. Case-Laws Income Tax Thu, 03 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362502