https://www.taxtmi.com/caselaws?id=406909 The Tribunal found the reassessment proceedings under sections 147/148 invalid due to lack of concrete evidence and independent application of mind by the Assessing Officer. The jurisdiction assumed based on information from the Investigation Wing was criticized for insufficient verification and due diligence. The Tribunal held that protective additions by the First Appellate Authority were unjustified and emphasized the Revenue's failure to establish the source of undisclosed income. Insufficient evidence and documentation led to the assessment order being set aside, directing a fresh adjudication with a focus on obtaining crucial bank statement evidence and avoiding speculative inquiries. en-us Fri, 23 Apr 2021 00:00:00 +0530 Fri, 23 Apr 2021 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406909 The Tribunal found the reassessment proceedings under sections 147/148 invalid due to lack of concrete evidence and independent application of mind by the Assessing Officer. The jurisdiction assumed based on information from the Investigation Wing was criticized for insufficient verification and due diligence. The Tribunal held that protective additions by the First Appellate Authority were unjustified and emphasized the Revenue's failure to establish the source of undisclosed income. Insufficient evidence and documentation led to the assessment order being set aside, directing a fresh adjudication with a focus on obtaining crucial bank statement evidence and avoiding speculative inquiries. Case-Laws Income Tax Fri, 23 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406909