https://www.taxtmi.com/caselaws?id=423600 The Tribunal found the reassessment proceedings under Section 147 invalid due to the lack of tangible material and independent application of mind by the Assessing Officer. Additions made under Sections 68 and 69C were deleted as they were based on unverified statements. The Tribunal upheld the jurisdictional challenge, ruling in favor of the assessee and setting aside the reassessment orders, emphasizing the importance of statutory safeguards and principles of natural justice in such proceedings. en-us Fri, 27 May 2022 00:00:00 +0530 Thu, 09 Jun 2022 19:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423600 The Tribunal found the reassessment proceedings under Section 147 invalid due to the lack of tangible material and independent application of mind by the Assessing Officer. Additions made under Sections 68 and 69C were deleted as they were based on unverified statements. The Tribunal upheld the jurisdictional challenge, ruling in favor of the assessee and setting aside the reassessment orders, emphasizing the importance of statutory safeguards and principles of natural justice in such proceedings. Case-Laws Income Tax Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423600