https://www.taxtmi.com/caselaws?id=409886 The Tribunal found the Assessing Officer's reopening of assessments under Section 147/148 of the Income Tax Act to be illegal and erroneous due to lack of specific information establishing a causal nexus between the information and alleged escaped income. The Tribunal also held that the assessment proceedings were null and void for violating Principles of Natural Justice by not confronting the assessees with findings before making additions. Additionally, the additions under Section 68 were deemed unsustainable as the assessees had provided sufficient evidence to establish the genuineness of the transactions. The Tribunal allowed the assessees' Cross Objections, quashing the reopening of assessments and dismissing the Department's appeals on merits. en-us Thu, 15 Jul 2021 00:00:00 +0530 Thu, 16 Sep 2021 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409886 The Tribunal found the Assessing Officer's reopening of assessments under Section 147/148 of the Income Tax Act to be illegal and erroneous due to lack of specific information establishing a causal nexus between the information and alleged escaped income. The Tribunal also held that the assessment proceedings were null and void for violating Principles of Natural Justice by not confronting the assessees with findings before making additions. Additionally, the additions under Section 68 were deemed unsustainable as the assessees had provided sufficient evidence to establish the genuineness of the transactions. The Tribunal allowed the assessees' Cross Objections, quashing the reopening of assessments and dismissing the Department's appeals on merits. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409886