https://www.taxtmi.com/caselaws?id=765500 The ITAT Jaipur held that reassessment notice u/s 147 issued beyond four years was without jurisdiction as the AO lacked independent application of mind and proceeded on borrowed satisfaction without specific allegations of undisclosed income. The tribunal deleted additions u/s 69C for unexplained expenditure and u/s 68 for accommodation entries, finding that the assessee had substantiated genuine sales transactions with proper documentation including invoices and transporter details. The AO's additions were based solely on uncorroborated third-party information without providing cross-examination opportunities, violating taxation principles. All grounds favored the assessee. en-us Thu, 30 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765500 The ITAT Jaipur held that reassessment notice u/s 147 issued beyond four years was without jurisdiction as the AO lacked independent application of mind and proceeded on borrowed satisfaction without specific allegations of undisclosed income. The tribunal deleted additions u/s 69C for unexplained expenditure and u/s 68 for accommodation entries, finding that the assessee had substantiated genuine sales transactions with proper documentation including invoices and transporter details. The AO's additions were based solely on uncorroborated third-party information without providing cross-examination opportunities, violating taxation principles. All grounds favored the assessee. Case-Laws Income Tax Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765500