https://www.taxtmi.com/caselaws?id=439159 The Tribunal allowed the appeal, deleting the addition of Rs. 3,44,19,731/- to the assessee's income under section 68 of the Income Tax Act. The reassessment proceedings were deemed invalid as the assessing officer (AO) failed to provide proper reasons and lacked application of mind. The AO's decision to treat transactions as accommodation entries without proper inquiry was found unjustified. The Tribunal emphasized the importance of following natural justice principles and issuing specific show cause notices in reassessment proceedings. en-us Wed, 14 Jun 2023 00:00:00 +0530 Sat, 17 Jun 2023 08:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439159 The Tribunal allowed the appeal, deleting the addition of Rs. 3,44,19,731/- to the assessee's income under section 68 of the Income Tax Act. The reassessment proceedings were deemed invalid as the assessing officer (AO) failed to provide proper reasons and lacked application of mind. The AO's decision to treat transactions as accommodation entries without proper inquiry was found unjustified. The Tribunal emphasized the importance of following natural justice principles and issuing specific show cause notices in reassessment proceedings. Case-Laws Income Tax Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439159