https://www.taxtmi.com/caselaws?id=288984 The Tribunal ruled in favor of the appellant, setting aside the reassessment proceedings. It emphasized the importance of independent verification before initiating reassessment based on alleged bogus purchases and accommodation entries. The Tribunal criticized the AO's reliance on information from the Investigation Wing without proper examination or allowing cross-examination, highlighting violations of natural justice principles. The Tribunal found the notice for reassessment legally unsustainable due to incorrect facts and lack of proper verification, emphasizing the need for the AO to have a reasonable belief based on thorough examination before reopening assessments. en-us Thu, 06 Dec 2018 00:00:00 +0530 Thu, 09 Jul 2020 09:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288984 The Tribunal ruled in favor of the appellant, setting aside the reassessment proceedings. It emphasized the importance of independent verification before initiating reassessment based on alleged bogus purchases and accommodation entries. The Tribunal criticized the AO's reliance on information from the Investigation Wing without proper examination or allowing cross-examination, highlighting violations of natural justice principles. The Tribunal found the notice for reassessment legally unsustainable due to incorrect facts and lack of proper verification, emphasizing the need for the AO to have a reasonable belief based on thorough examination before reopening assessments. Case-Laws Income Tax Thu, 06 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288984