https://www.taxtmi.com/caselaws?id=451290 Reassessment under section 147 read with section 148 was upheld because the recorded reasons were based on specific information about an alleged cash component in the property transaction, giving tangible material for a bona fide belief of escapement of income. The objection based on non-communication of reasons was rejected. However, the addition under section 69 for alleged on-money payment was deleted because it rested mainly on retracted statements, the assessee was denied cross-examination, and no independent corroborative evidence supported the cash payment beyond the registered sale deed. The reassessment survived, but the unexplained investment addition did not. en-us Thu, 21 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 06:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451290 Reassessment under section 147 read with section 148 was upheld because the recorded reasons were based on specific information about an alleged cash component in the property transaction, giving tangible material for a bona fide belief of escapement of income. The objection based on non-communication of reasons was rejected. However, the addition under section 69 for alleged on-money payment was deleted because it rested mainly on retracted statements, the assessee was denied cross-examination, and no independent corroborative evidence supported the cash payment beyond the registered sale deed. The reassessment survived, but the unexplained investment addition did not. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451290