https://www.taxtmi.com/caselaws?id=757304 ITAT Mumbai upheld reassessment proceedings under section 147 initiated by AO based on information from DDIT(Investigation), finding it constituted new and tangible material with reasons to believe. However, regarding addition under section 68 treating short-term capital gains as bogus, ITAT found lower authorities failed to examine assessee's details, didn't provide notice before disputing payment source, and denied cross-examination opportunity of broker whose statement Revenue relied upon. Matter restored to AO for fresh adjudication after considering assessee's submissions. Appeal partly allowed for statistical purposes. en-us Thu, 01 Feb 2024 00:00:00 +0530 Thu, 22 Aug 2024 09:07:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757304 ITAT Mumbai upheld reassessment proceedings under section 147 initiated by AO based on information from DDIT(Investigation), finding it constituted new and tangible material with reasons to believe. However, regarding addition under section 68 treating short-term capital gains as bogus, ITAT found lower authorities failed to examine assessee's details, didn't provide notice before disputing payment source, and denied cross-examination opportunity of broker whose statement Revenue relied upon. Matter restored to AO for fresh adjudication after considering assessee's submissions. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 01 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757304