https://www.taxtmi.com/caselaws?id=460600 ITAT Mumbai held that reassessment proceedings u/s 147 were invalid as the AO failed to obtain mandatory approval from JCIT before issuing notice u/s 148, as required under section 151(2) for cases beyond four years. The assessment was also invalid for non-disposal of assessee's objections before completion. Regarding on-money addition, ITAT upheld CIT(A)'s deletion finding AO violated natural justice principles by refusing to share adverse materials, denying cross-examination opportunities, and making additions based solely on third-party statements without independent inquiry despite assessee providing banking evidence. en-us Wed, 19 Sep 2018 00:00:00 +0530 Tue, 04 Feb 2025 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460600 ITAT Mumbai held that reassessment proceedings u/s 147 were invalid as the AO failed to obtain mandatory approval from JCIT before issuing notice u/s 148, as required under section 151(2) for cases beyond four years. The assessment was also invalid for non-disposal of assessee's objections before completion. Regarding on-money addition, ITAT upheld CIT(A)'s deletion finding AO violated natural justice principles by refusing to share adverse materials, denying cross-examination opportunities, and making additions based solely on third-party statements without independent inquiry despite assessee providing banking evidence. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460600