https://www.taxtmi.com/caselaws?id=71211 The Tribunal dismissed the appeals by both the assessee and the Revenue, affirming the CIT(A)'s orders. It upheld the validity of reopening assessments under Section 147 of the IT Act, finding that the AO provided sufficient reasons. The Tribunal determined that contributions to chit funds were investments, thus attracting Section 13(1)(d) read with Section 11(5). Additionally, the Tribunal supported the deletion of additions under Section 68, citing the AO's failure to conduct adequate inquiries and provide necessary details of cash credits. en-us Fri, 27 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71211 The Tribunal dismissed the appeals by both the assessee and the Revenue, affirming the CIT(A)'s orders. It upheld the validity of reopening assessments under Section 147 of the IT Act, finding that the AO provided sufficient reasons. The Tribunal determined that contributions to chit funds were investments, thus attracting Section 13(1)(d) read with Section 11(5). Additionally, the Tribunal supported the deletion of additions under Section 68, citing the AO's failure to conduct adequate inquiries and provide necessary details of cash credits. Case-Laws Income Tax Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71211