https://www.taxtmi.com/caselaws?id=285922 The Tribunal upheld the validity of reassessment proceedings under sections 147 to 151 of the Income Tax Act, finding detailed reasons recorded by the Assessing Officer were valid. Objections raised by the assessee were dismissed due to being general and untimely. The Tribunal ruled no violation of natural justice occurred, as the incriminating statements were from the assessee's own representatives. Legitimacy of additions under section 68 was questioned, leading to a direction for the AO to conduct further inquiries. The legality of consequent demands depended on the reassessment proceedings' outcome. Appeals were allowed partly for statistical purposes for assessment years 2000-01 and 2001-02. en-us Fri, 16 Jun 2017 00:00:00 +0530 Mon, 03 Feb 2020 15:43:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285922 The Tribunal upheld the validity of reassessment proceedings under sections 147 to 151 of the Income Tax Act, finding detailed reasons recorded by the Assessing Officer were valid. Objections raised by the assessee were dismissed due to being general and untimely. The Tribunal ruled no violation of natural justice occurred, as the incriminating statements were from the assessee's own representatives. Legitimacy of additions under section 68 was questioned, leading to a direction for the AO to conduct further inquiries. The legality of consequent demands depended on the reassessment proceedings' outcome. Appeals were allowed partly for statistical purposes for assessment years 2000-01 and 2001-02. Case-Laws Income Tax Fri, 16 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285922