https://www.taxtmi.com/caselaws?id=287310 Completed assessments under section 153A can be disturbed only on the basis of incriminating material, and reopening under section 147 requires tangible material showing a bona fide belief of escapement of income; on these facts, the reopening and related additions could not be sustained. Additions based mainly on seized papers and a third-party statement were also deleted because no cross-examination was allowed and no independent corroboration established the assessee's alleged investments or on-money payments. Where DLC rates for the relevant locality were not fixed, substitution of adjoining-area rates under section 50C was not accepted without a proper DVO valuation, and that issue was remitted for fresh adjudication. en-us Wed, 28 Mar 2018 00:00:00 +0530 Thu, 09 Apr 2020 10:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287310 Completed assessments under section 153A can be disturbed only on the basis of incriminating material, and reopening under section 147 requires tangible material showing a bona fide belief of escapement of income; on these facts, the reopening and related additions could not be sustained. Additions based mainly on seized papers and a third-party statement were also deleted because no cross-examination was allowed and no independent corroboration established the assessee's alleged investments or on-money payments. Where DLC rates for the relevant locality were not fixed, substitution of adjoining-area rates under section 50C was not accepted without a proper DVO valuation, and that issue was remitted for fresh adjudication. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287310