https://www.taxtmi.com/caselaws?id=209225 The Tribunal upheld the AO's action to initiate reassessment proceedings and partially allowed the revenue's appeal. An addition of Rs.3,00,000/- was sustained as undisclosed income for the assessment year 1998-99, and the remaining amount of Rs.4,04,340/- was directed to be added in the assessment year 1999-2000 after reopening the assessment. The Tribunal found that the assessee failed to provide credible evidence to substantiate the transactions and the nature of the receipts, leading to the conclusion that the amounts were undisclosed income. en-us Fri, 12 Feb 2010 00:00:00 +0530 Fri, 26 Jul 2013 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209225 The Tribunal upheld the AO's action to initiate reassessment proceedings and partially allowed the revenue's appeal. An addition of Rs.3,00,000/- was sustained as undisclosed income for the assessment year 1998-99, and the remaining amount of Rs.4,04,340/- was directed to be added in the assessment year 1999-2000 after reopening the assessment. The Tribunal found that the assessee failed to provide credible evidence to substantiate the transactions and the nature of the receipts, leading to the conclusion that the amounts were undisclosed income. Case-Laws Income Tax Fri, 12 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209225