https://www.taxtmi.com/caselaws?id=61692 The Tribunal dismissed all six appeals filed by the Revenue, upholding the CIT(A)'s decisions. The reopening of the assessment under Section 148 was deemed invalid as there was no material to support income escaping assessment. The additions on account of peak investment in bank drafts and low gross profit were deleted as they were not linked to the assessee-firm. The firm's registration under Section 185 was restored as the draft transactions were found to belong to an individual not associated with the firm. en-us Mon, 26 Apr 2004 00:00:00 +0530 Thu, 28 Jun 2012 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61692 The Tribunal dismissed all six appeals filed by the Revenue, upholding the CIT(A)'s decisions. The reopening of the assessment under Section 148 was deemed invalid as there was no material to support income escaping assessment. The additions on account of peak investment in bank drafts and low gross profit were deleted as they were not linked to the assessee-firm. The firm's registration under Section 185 was restored as the draft transactions were found to belong to an individual not associated with the firm. Case-Laws Income Tax Mon, 26 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61692