https://www.taxtmi.com/caselaws?id=763796 ITAT Chennai held that reopening of assessment was invalid due to AO's failure to dispose of assessee's objections through speaking order, violating natural justice principles and rendering proceedings null and void. The second reopening was impermissible as it was based on mere change of opinion rather than new material. Regarding addition under section 68, the tribunal upheld CIT(A)'s finding that assessee had discharged burden of proving lender's identity, creditworthiness and transaction genuineness. Addition cannot be made on suspicion alone. en-us Tue, 05 Nov 2024 00:00:00 +0530 Sat, 28 Dec 2024 08:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763796 ITAT Chennai held that reopening of assessment was invalid due to AO's failure to dispose of assessee's objections through speaking order, violating natural justice principles and rendering proceedings null and void. The second reopening was impermissible as it was based on mere change of opinion rather than new material. Regarding addition under section 68, the tribunal upheld CIT(A)'s finding that assessee had discharged burden of proving lender's identity, creditworthiness and transaction genuineness. Addition cannot be made on suspicion alone. Case-Laws Income Tax Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763796