https://www.taxtmi.com/caselaws?id=394376 The Tribunal invalidated the reassessment proceedings under sections 147/148 of the Income-tax Act, noting they were based on suspicion and unsubstantiated allegations from an anonymous complaint. The approval for reopening was deemed mechanical and lacked proper application of mind. Consequently, the Tribunal did not address the merits of the addition made under section 69, as the reassessment was deemed invalid. The Tribunal also criticized the adoption of purchase consideration, alleging procedural lapses and violations of natural justice principles. The appeals of the assessees were allowed. en-us Mon, 25 Nov 2019 00:00:00 +0530 Fri, 10 Apr 2020 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394376 The Tribunal invalidated the reassessment proceedings under sections 147/148 of the Income-tax Act, noting they were based on suspicion and unsubstantiated allegations from an anonymous complaint. The approval for reopening was deemed mechanical and lacked proper application of mind. Consequently, the Tribunal did not address the merits of the addition made under section 69, as the reassessment was deemed invalid. The Tribunal also criticized the adoption of purchase consideration, alleging procedural lapses and violations of natural justice principles. The appeals of the assessees were allowed. Case-Laws Income Tax Mon, 25 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394376