https://www.taxtmi.com/caselaws?id=764219 ITAT Mumbai quashed reassessment proceedings u/s 147 for violating natural justice principles. The AO made additions based on statements from third parties without providing materials to the assessee or allowing cross-examination. The court held that while assessing authorities aren't bound by technical evidence rules, they must provide materials used against assessees and grant adequate opportunity for explanation. The AO failed to conduct further enquiries or gather circumstantial evidence beyond the statements. Retraction statements obtained later didn't indicate prior knowledge of recorded statements. The reassessment order was deemed untenable and quashed. en-us Fri, 03 Jan 2025 00:00:00 +0530 Mon, 06 Jan 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764219 ITAT Mumbai quashed reassessment proceedings u/s 147 for violating natural justice principles. The AO made additions based on statements from third parties without providing materials to the assessee or allowing cross-examination. The court held that while assessing authorities aren't bound by technical evidence rules, they must provide materials used against assessees and grant adequate opportunity for explanation. The AO failed to conduct further enquiries or gather circumstantial evidence beyond the statements. Retraction statements obtained later didn't indicate prior knowledge of recorded statements. The reassessment order was deemed untenable and quashed. Case-Laws Income Tax Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764219