https://www.taxtmi.com/caselaws?id=757168 The ITAT partly allowed the appeal, emphasizing the need for further verification of cash deposits and their link to property sale receipts. It directed a remand to the AO for proper adjudication, stressing the importance of a fair hearing and adherence to natural justice principles during reassessment. Section 68 was deemed applicable based on bank statement evidence, treated as the assessee's 'books.' The appeal delay was condoned, and the Tribunal highlighted the necessity for thorough examination under Income Tax provisions. The decision underscores the procedural fairness in tax assessments and the correct application of legal standards. en-us Thu, 08 Aug 2024 00:00:00 +0530 Sat, 17 Aug 2024 08:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757168 The ITAT partly allowed the appeal, emphasizing the need for further verification of cash deposits and their link to property sale receipts. It directed a remand to the AO for proper adjudication, stressing the importance of a fair hearing and adherence to natural justice principles during reassessment. Section 68 was deemed applicable based on bank statement evidence, treated as the assessee's 'books.' The appeal delay was condoned, and the Tribunal highlighted the necessity for thorough examination under Income Tax provisions. The decision underscores the procedural fairness in tax assessments and the correct application of legal standards. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757168