https://www.taxtmi.com/caselaws?id=300343 The Tribunal upheld the validity of the notice issued under Section 148 of the Income Tax Act, finding that the reasons recorded by the Assessing Officer justified reassessment due to potential understated income. However, the addition of Rs. 1,75,00,000 under Section 69B was overturned as the revenue authorities failed to prove the higher sale consideration, relying solely on oral statements without independent valuation. The Tribunal emphasized the burden of proof on revenue authorities and concluded that the documentary evidence provided outweighed oral statements, leading to the deletion of the addition. The appeal was partly allowed in favor of the assessee. en-us Thu, 30 May 2019 00:00:00 +0530 Wed, 26 Jan 2022 15:28:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300343 The Tribunal upheld the validity of the notice issued under Section 148 of the Income Tax Act, finding that the reasons recorded by the Assessing Officer justified reassessment due to potential understated income. However, the addition of Rs. 1,75,00,000 under Section 69B was overturned as the revenue authorities failed to prove the higher sale consideration, relying solely on oral statements without independent valuation. The Tribunal emphasized the burden of proof on revenue authorities and concluded that the documentary evidence provided outweighed oral statements, leading to the deletion of the addition. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Thu, 30 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300343