https://www.taxtmi.com/caselaws?id=465281 ITAT Pune held the reassessment u/s 148 invalid where the same long-term capital gain transaction had already been examined and accepted in a prior assessment u/s 143(3) r.w.s. 153B. The AO relied solely on an Investigation Wing report without any fresh tangible material and failed to furnish the assessee with the third-party statements or allow cross-examination, despite specific requests. As the third party neither named the assessee nor established any nexus, the addition u/s 68 treating sale proceeds of shares as unexplained cash credit violated principles of natural justice. The order of CIT(A)/NFAC deleting the addition and quashing the reassessment was upheld, deciding the appeal in favour of assessee. en-us Mon, 27 Oct 2025 00:00:00 +0530 Sat, 13 Dec 2025 10:11:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465281 ITAT Pune held the reassessment u/s 148 invalid where the same long-term capital gain transaction had already been examined and accepted in a prior assessment u/s 143(3) r.w.s. 153B. The AO relied solely on an Investigation Wing report without any fresh tangible material and failed to furnish the assessee with the third-party statements or allow cross-examination, despite specific requests. As the third party neither named the assessee nor established any nexus, the addition u/s 68 treating sale proceeds of shares as unexplained cash credit violated principles of natural justice. The order of CIT(A)/NFAC deleting the addition and quashing the reassessment was upheld, deciding the appeal in favour of assessee. Case-Laws Income Tax Mon, 27 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465281