https://www.taxtmi.com/caselaws?id=59936 The Tribunal upheld the validity of proceedings initiated u/s 147, confirming additions of Rs. 51,61,420 as unaccounted capital, Rs. 21,11,392 as profit from a drug account, and Rs. 1,74,741 as profit from an iron and steel company, despite the assessee's inability to cross-examine the ex-accountant. Interest charged u/s 139(8) and 217(1)(a) was not contested. However, the Accountant Member disagreed, citing reliance on unverified data, and the Third Member supported a remand for further investigation. Consequently, the appeal was allowed for statistical purposes, directing the Assessing Officer to conduct a more thorough investigation. en-us Mon, 22 Dec 2003 00:00:00 +0530 Fri, 28 Jun 2024 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59936 The Tribunal upheld the validity of proceedings initiated u/s 147, confirming additions of Rs. 51,61,420 as unaccounted capital, Rs. 21,11,392 as profit from a drug account, and Rs. 1,74,741 as profit from an iron and steel company, despite the assessee's inability to cross-examine the ex-accountant. Interest charged u/s 139(8) and 217(1)(a) was not contested. However, the Accountant Member disagreed, citing reliance on unverified data, and the Third Member supported a remand for further investigation. Consequently, the appeal was allowed for statistical purposes, directing the Assessing Officer to conduct a more thorough investigation. Case-Laws Income Tax Mon, 22 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59936