https://www.taxtmi.com/caselaws?id=398922 The Tribunal upheld the reopening of the assessment under Section 148 of the Income Tax Act, 1961, citing fresh tangible material supporting the escapement of income. However, the Tribunal ruled in favor of the assessee regarding the addition of Rs. 15.15 crores under Section 41(1), directing the AO to delete the addition. It was determined that the liability had ceased in the previous assessment year and did not meet the conditions for invoking Section 41(1). The issue of denial of cross-examination was not extensively addressed and did not significantly impact the final decision. The appeal was partly allowed. en-us Fri, 24 Jul 2020 00:00:00 +0530 Mon, 28 Sep 2020 08:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398922 The Tribunal upheld the reopening of the assessment under Section 148 of the Income Tax Act, 1961, citing fresh tangible material supporting the escapement of income. However, the Tribunal ruled in favor of the assessee regarding the addition of Rs. 15.15 crores under Section 41(1), directing the AO to delete the addition. It was determined that the liability had ceased in the previous assessment year and did not meet the conditions for invoking Section 41(1). The issue of denial of cross-examination was not extensively addressed and did not significantly impact the final decision. The appeal was partly allowed. Case-Laws Income Tax Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398922