https://www.taxtmi.com/caselaws?id=428856 The ITAT ruled in favor of the assessees in a case involving the validity of a notice issued under section 148 of the Income Tax Act, 1961. The tribunal found that the notice was issued without proper verification, setting it aside. Additionally, the ITAT deleted the addition of unexplained deposits in the bank account, emphasizing that technical defects in agreements should not lead to rejection of the deposit source. The tribunal also noted a denial of natural justice during assessment proceedings, declaring the assessment null and void due to the AO's failure to provide relevant statements to the assessees for rebuttal. en-us Wed, 10 Aug 2022 00:00:00 +0530 Wed, 12 Oct 2022 10:01:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428856 The ITAT ruled in favor of the assessees in a case involving the validity of a notice issued under section 148 of the Income Tax Act, 1961. The tribunal found that the notice was issued without proper verification, setting it aside. Additionally, the ITAT deleted the addition of unexplained deposits in the bank account, emphasizing that technical defects in agreements should not lead to rejection of the deposit source. The tribunal also noted a denial of natural justice during assessment proceedings, declaring the assessment null and void due to the AO's failure to provide relevant statements to the assessees for rebuttal. Case-Laws Income Tax Wed, 10 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428856