https://www.taxtmi.com/caselaws?id=370135 The Tribunal invalidated the reassessment proceedings under Section 147 of the Income Tax Act as the Assessing Officer lacked concrete evidence to support the reasons for believing income had escaped assessment. Additionally, the Tribunal found the additions of unexplained investments under Section 69 unsustainable due to lack of valid material. The burden of proof regarding unexplained investments was emphasized to lie with the revenue, requiring positive evidence. The Tribunal upheld the disallowance of standard deduction under Section 16(1) and the assessment of Annual Lettable Value (ALV) of a property, highlighting the necessity of tangible material for reassessment and additions under the Income Tax Act. en-us Fri, 02 Nov 2018 00:00:00 +0530 Fri, 21 Dec 2018 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370135 The Tribunal invalidated the reassessment proceedings under Section 147 of the Income Tax Act as the Assessing Officer lacked concrete evidence to support the reasons for believing income had escaped assessment. Additionally, the Tribunal found the additions of unexplained investments under Section 69 unsustainable due to lack of valid material. The burden of proof regarding unexplained investments was emphasized to lie with the revenue, requiring positive evidence. The Tribunal upheld the disallowance of standard deduction under Section 16(1) and the assessment of Annual Lettable Value (ALV) of a property, highlighting the necessity of tangible material for reassessment and additions under the Income Tax Act. Case-Laws Income Tax Fri, 02 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370135