https://www.taxtmi.com/caselaws?id=433640 The appeal was filed challenging the validity of reassessment proceedings and the addition of Rs. 90 lakh under Section 68 of the Income Tax Act. The CIT(A) upheld the jurisdiction assumed under Section 147 and sustained the addition. However, a Co-ordinate Bench emphasized providing the assessee with an opportunity to substantiate claims. The Tribunal partially allowed the appeal, remitting the matter back to the Assessing Officer for fresh determination on merits while ensuring compliance with principles of natural justice. The Tribunal stressed the importance of conducting assessment proceedings in accordance with legal procedures and fairness. en-us Mon, 23 Jan 2023 00:00:00 +0530 Sat, 04 Feb 2023 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433640 The appeal was filed challenging the validity of reassessment proceedings and the addition of Rs. 90 lakh under Section 68 of the Income Tax Act. The CIT(A) upheld the jurisdiction assumed under Section 147 and sustained the addition. However, a Co-ordinate Bench emphasized providing the assessee with an opportunity to substantiate claims. The Tribunal partially allowed the appeal, remitting the matter back to the Assessing Officer for fresh determination on merits while ensuring compliance with principles of natural justice. The Tribunal stressed the importance of conducting assessment proceedings in accordance with legal procedures and fairness. Case-Laws Income Tax Mon, 23 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433640