https://www.taxtmi.com/caselaws?id=388927 A corroborated third-party statement, supported by bank deposits and a consent letter, was treated as reliable evidence of higher cash consideration for property purchase. The assessee failed to show that the transferor's statement was obtained under duress or otherwise discredited, and the assessment reopening was supported by material giving reason to believe that income had escaped assessment. As the assessee also had the opportunity to cross-examine the seller and did not rebut the evidence, the addition for unexplained investment was sustained and the appellate order upholding the assessment was affirmed. en-us Tue, 22 Oct 2019 00:00:00 +0530 Wed, 27 Nov 2019 12:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388927 A corroborated third-party statement, supported by bank deposits and a consent letter, was treated as reliable evidence of higher cash consideration for property purchase. The assessee failed to show that the transferor's statement was obtained under duress or otherwise discredited, and the assessment reopening was supported by material giving reason to believe that income had escaped assessment. As the assessee also had the opportunity to cross-examine the seller and did not rebut the evidence, the addition for unexplained investment was sustained and the appellate order upholding the assessment was affirmed. Case-Laws Income Tax Tue, 22 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388927