https://www.taxtmi.com/caselaws?id=291597 The Tribunal quashed the impugned assessment orders, deeming the assumption of jurisdiction under Section 148 of the Income-tax Act invalid. It held that the Assessing Officer should have invoked Section 153C, the special procedure for search cases, instead. The Tribunal found no conclusive evidence of taxable income in the dummy tally entries and emphasized procedural lapses, including the lack of cross-examination opportunities. The amounts in question were declared by a third party before the Settlement Commission, negating their assessment in the appellant's hands. The Tribunal allowed the appeals, underscoring the inadequacy of reasons for reopening assessments under Section 148. en-us Wed, 25 Oct 2017 00:00:00 +0530 Wed, 13 Nov 2024 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291597 The Tribunal quashed the impugned assessment orders, deeming the assumption of jurisdiction under Section 148 of the Income-tax Act invalid. It held that the Assessing Officer should have invoked Section 153C, the special procedure for search cases, instead. The Tribunal found no conclusive evidence of taxable income in the dummy tally entries and emphasized procedural lapses, including the lack of cross-examination opportunities. The amounts in question were declared by a third party before the Settlement Commission, negating their assessment in the appellant's hands. The Tribunal allowed the appeals, underscoring the inadequacy of reasons for reopening assessments under Section 148. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291597