https://www.taxtmi.com/caselaws?id=409922 The Tribunal upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act due to tangible material indicating income escapement. However, it ruled in favor of the assessee regarding the denial of the opportunity to cross-examine third-party statements, leading to the deletion of unjustified additions. The Tribunal also found that genuine local purchases and deemed imports were not accommodation entries, supporting the assessee's compliance with procedures for 100% Export Oriented Units. As a result, the Tribunal partly allowed the appeals for the assessment years 2007-08 to 2010-11, directing the Assessing Officer to re-compute the assessee's income accordingly. en-us Wed, 07 Jul 2021 00:00:00 +0530 Tue, 20 Jul 2021 10:12:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409922 The Tribunal upheld the reassessment proceedings initiated under Section 147 of the Income Tax Act due to tangible material indicating income escapement. However, it ruled in favor of the assessee regarding the denial of the opportunity to cross-examine third-party statements, leading to the deletion of unjustified additions. The Tribunal also found that genuine local purchases and deemed imports were not accommodation entries, supporting the assessee's compliance with procedures for 100% Export Oriented Units. As a result, the Tribunal partly allowed the appeals for the assessment years 2007-08 to 2010-11, directing the Assessing Officer to re-compute the assessee's income accordingly. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409922