https://www.taxtmi.com/caselaws?id=219469 The Tribunal upheld the validity of the assessment reopening under section 147 of the Act, allowing the addition of unexplained gifts in the assessee's hands while dismissing the disallowance of interest amount. The Tribunal held that the income chargeable to tax had escaped assessment in the hands of the assessee, emphasizing that procedural lapses did not invalidate the addition of unexplained gifts. The Tribunal supported the Revenue's appeal partially, confirming the tax liability of the gifts in the assessee's hands and the non-disallowance of the interest amount. en-us Tue, 24 Jul 2012 00:00:00 +0530 Fri, 12 Oct 2012 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219469 The Tribunal upheld the validity of the assessment reopening under section 147 of the Act, allowing the addition of unexplained gifts in the assessee's hands while dismissing the disallowance of interest amount. The Tribunal held that the income chargeable to tax had escaped assessment in the hands of the assessee, emphasizing that procedural lapses did not invalidate the addition of unexplained gifts. The Tribunal supported the Revenue's appeal partially, confirming the tax liability of the gifts in the assessee's hands and the non-disallowance of the interest amount. Case-Laws Income Tax Tue, 24 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219469