https://www.taxtmi.com/caselaws?id=410699 The Tribunal found that the reassessment proceedings initiated under Sections 147/148 of the Income Tax Act were not justified due to a Benami transaction intended to avoid tax. The jurisdictional issue of verification letters under Section 133(6) was not explicitly addressed. The addition under Section 69 was upheld, indicating Benami transactions. The Tribunal criticized the lower authorities for not conducting a proper inquiry and remanded the case back to the AO for further investigation and specific directions. The appeal was allowed for statistical purposes with a deadline for the AO to decide within six months. en-us Tue, 20 Jul 2021 00:00:00 +0530 Sat, 07 Aug 2021 08:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410699 The Tribunal found that the reassessment proceedings initiated under Sections 147/148 of the Income Tax Act were not justified due to a Benami transaction intended to avoid tax. The jurisdictional issue of verification letters under Section 133(6) was not explicitly addressed. The addition under Section 69 was upheld, indicating Benami transactions. The Tribunal criticized the lower authorities for not conducting a proper inquiry and remanded the case back to the AO for further investigation and specific directions. The appeal was allowed for statistical purposes with a deadline for the AO to decide within six months. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410699