https://www.taxtmi.com/caselaws?id=215590 The court upheld the validity of reopening the assessment under Section 148 of the Income Tax Act, despite minor irregularities in the notice. The addition of Rs. 75,50,000 under Section 68 for unexplained cash credits was justified, as the appellant's explanations were deemed unsatisfactory. Recorded statements confirming advance payments did not prevent the addition, as the burden of proof rested on the assessee. Interest charges under Sections 234A and 234B were upheld as consequences of the assessed tax liability. The appeal was dismissed, affirming the authorities' actions and decisions. en-us Tue, 10 Jul 2012 00:00:00 +0530 Wed, 08 Aug 2012 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215590 The court upheld the validity of reopening the assessment under Section 148 of the Income Tax Act, despite minor irregularities in the notice. The addition of Rs. 75,50,000 under Section 68 for unexplained cash credits was justified, as the appellant's explanations were deemed unsatisfactory. Recorded statements confirming advance payments did not prevent the addition, as the burden of proof rested on the assessee. Interest charges under Sections 234A and 234B were upheld as consequences of the assessed tax liability. The appeal was dismissed, affirming the authorities' actions and decisions. Case-Laws Income Tax Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215590