https://www.taxtmi.com/caselaws?id=420936 The Tribunal quashed the reassessment proceedings initiated under section 147 of the Income Tax Act, finding them invalid due to lack of disclosure of material facts by the assessee and insufficient reasons recorded by the Assessing Officer. The Tribunal also held that the AO failed to apply independent mind and violated the principles of natural justice by not allowing cross-examination. The addition of Rs. 4 crores under section 68 read with section 115BBE was deemed unjustified as the assessee had substantiated the transaction's genuineness. Consequently, the appeal by the assessee was allowed. en-us Mon, 21 Mar 2022 00:00:00 +0530 Thu, 14 Apr 2022 08:07:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420936 The Tribunal quashed the reassessment proceedings initiated under section 147 of the Income Tax Act, finding them invalid due to lack of disclosure of material facts by the assessee and insufficient reasons recorded by the Assessing Officer. The Tribunal also held that the AO failed to apply independent mind and violated the principles of natural justice by not allowing cross-examination. The addition of Rs. 4 crores under section 68 read with section 115BBE was deemed unjustified as the assessee had substantiated the transaction's genuineness. Consequently, the appeal by the assessee was allowed. Case-Laws Income Tax Mon, 21 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420936