https://www.taxtmi.com/caselaws?id=446252 The ITAT Chandigarh quashed the reopening of assessment under section 153A for assessment years beyond six years but within ten years. The assessee's undisclosed investment was computed at Rs.45,00,000 based on a loose sheet, which fell short of the mandatory Rs.50,00,000 threshold required for extending assessment beyond six years. The tribunal held that DVO reports alone cannot constitute incriminating material without corroborating evidence, and since no difference existed between disclosed investments and DVO findings for the property, the reopening was invalid. The assessee's appeal was allowed. en-us Thu, 12 Oct 2023 00:00:00 +0530 Wed, 29 Nov 2023 07:32:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446252 The ITAT Chandigarh quashed the reopening of assessment under section 153A for assessment years beyond six years but within ten years. The assessee's undisclosed investment was computed at Rs.45,00,000 based on a loose sheet, which fell short of the mandatory Rs.50,00,000 threshold required for extending assessment beyond six years. The tribunal held that DVO reports alone cannot constitute incriminating material without corroborating evidence, and since no difference existed between disclosed investments and DVO findings for the property, the reopening was invalid. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446252