https://www.taxtmi.com/caselaws?id=202322 The Tribunal set aside the initiation of reassessment proceedings under section 147/148 for the assessment year 1998-99, finding it unjustified and untenable due to lack of supporting material. However, the Court ruled in favor of the Revenue regarding the addition of unexplained assets to income, emphasizing the burden on the assessee to provide a satisfactory explanation to rebut the statutory presumption under section 69A. The matter was remanded to the Tribunal for a fresh decision on the merits in line with the law. en-us Tue, 14 Dec 2010 00:00:00 +0530 Wed, 26 Dec 2012 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202322 The Tribunal set aside the initiation of reassessment proceedings under section 147/148 for the assessment year 1998-99, finding it unjustified and untenable due to lack of supporting material. However, the Court ruled in favor of the Revenue regarding the addition of unexplained assets to income, emphasizing the burden on the assessee to provide a satisfactory explanation to rebut the statutory presumption under section 69A. The matter was remanded to the Tribunal for a fresh decision on the merits in line with the law. Case-Laws Income Tax Tue, 14 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202322