https://www.taxtmi.com/caselaws?id=401976 The Tribunal set aside the orders of the lower authorities, quashed the reopening of the assessment under Section 148 of the Income Tax Act due to lack of proper application of mind by the AO, and deleted the addition of Rs. 50 lakhs under Section 68. The Tribunal found violations of the principle of natural justice, as objections were not addressed separately, and the assessee was not provided with back material for cross-examination. Consequently, the assessee's appeal was allowed, emphasizing the necessity for detailed reasoning and adherence to legal procedures by the AO. en-us Fri, 18 Dec 2020 00:00:00 +0530 Thu, 07 Nov 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401976 The Tribunal set aside the orders of the lower authorities, quashed the reopening of the assessment under Section 148 of the Income Tax Act due to lack of proper application of mind by the AO, and deleted the addition of Rs. 50 lakhs under Section 68. The Tribunal found violations of the principle of natural justice, as objections were not addressed separately, and the assessee was not provided with back material for cross-examination. Consequently, the assessee's appeal was allowed, emphasizing the necessity for detailed reasoning and adherence to legal procedures by the AO. Case-Laws Income Tax Fri, 18 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401976