https://www.taxtmi.com/caselaws?id=279261 The Tribunal held that the assessment orders and notices issued under sections 148/147 were invalid and time-barred as they lacked substantial evidence and were based on mere suspicion. The additions made by the Assessing Officer as unexplained cash credits and investments in building construction were deemed unjustified, as they were made without proper verification and on presumptions. The estimation of sales and net profit was found to lack concrete basis. The orders passed by the CIT(A) were considered illegal due to procedural lapses. The Tribunal directed fresh assessments, emphasizing the importance of fair hearings and proper verification of facts. en-us Mon, 29 Feb 2016 00:00:00 +0530 Mon, 11 Mar 2019 06:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279261 The Tribunal held that the assessment orders and notices issued under sections 148/147 were invalid and time-barred as they lacked substantial evidence and were based on mere suspicion. The additions made by the Assessing Officer as unexplained cash credits and investments in building construction were deemed unjustified, as they were made without proper verification and on presumptions. The estimation of sales and net profit was found to lack concrete basis. The orders passed by the CIT(A) were considered illegal due to procedural lapses. The Tribunal directed fresh assessments, emphasizing the importance of fair hearings and proper verification of facts. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279261