https://www.taxtmi.com/caselaws?id=425653 The Tribunal upheld the issuance of the notice under Section 148, finding it based on new material. However, it dismissed the Revenue's claim of unaccounted investment in land purchase, citing lack of concrete evidence. The Tribunal deemed statements unreliable and found the CIT(A) had exceeded jurisdiction in directing assessments. Additionally, it refuted the existence of cash components in the transactions, emphasizing the lack of sufficient evidence. The Tribunal ruled in favor of the assessee, dismissing both Revenue's appeals and the assessee's Cross Objections. en-us Fri, 15 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 09:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425653 The Tribunal upheld the issuance of the notice under Section 148, finding it based on new material. However, it dismissed the Revenue's claim of unaccounted investment in land purchase, citing lack of concrete evidence. The Tribunal deemed statements unreliable and found the CIT(A) had exceeded jurisdiction in directing assessments. Additionally, it refuted the existence of cash components in the transactions, emphasizing the lack of sufficient evidence. The Tribunal ruled in favor of the assessee, dismissing both Revenue's appeals and the assessee's Cross Objections. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425653