https://www.taxtmi.com/caselaws?id=776902 ITAT held that AO had tangible material and a reasonable belief to reopen assessment under s.147, so reopening was valid. However, additions under s.68 were unsustainable: amounts already recorded as sales in books (with corresponding purchases not doubted) cannot be taxed again under s.68 as this would double-tax the same income. Further, additions rested solely on a third-party statement without opportunity for cross-examination and without independent inquiry by AO. Consequently, the s.68 additions were deleted and the appeal was allowed in favour of the assessee. en-us Wed, 08 Jan 2025 00:00:00 +0530 Thu, 21 Aug 2025 08:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776902 ITAT held that AO had tangible material and a reasonable belief to reopen assessment under s.147, so reopening was valid. However, additions under s.68 were unsustainable: amounts already recorded as sales in books (with corresponding purchases not doubted) cannot be taxed again under s.68 as this would double-tax the same income. Further, additions rested solely on a third-party statement without opportunity for cross-examination and without independent inquiry by AO. Consequently, the s.68 additions were deleted and the appeal was allowed in favour of the assessee. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776902