https://www.taxtmi.com/caselaws?id=252181 The Tribunal dismissed both the assessee and Revenue's appeals, upholding the validity of reassessment proceedings under Section 147, legality of additions/disallowances, and CIT's jurisdiction under Section 263. The Tribunal emphasized the necessity of proper documentation to establish the genuineness of transactions, confirming various additions made by the Assessing Officer and disallowing expenses/household withdrawals. The Revenue's appeal against deleted additions for suppressed sales and interest on unsecured loans was also dismissed, with the Tribunal supporting the CIT(A)'s findings on consignment sales and absence of diverted funds. en-us Wed, 10 Sep 2014 00:00:00 +0530 Tue, 14 Oct 2014 07:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252181 The Tribunal dismissed both the assessee and Revenue's appeals, upholding the validity of reassessment proceedings under Section 147, legality of additions/disallowances, and CIT's jurisdiction under Section 263. The Tribunal emphasized the necessity of proper documentation to establish the genuineness of transactions, confirming various additions made by the Assessing Officer and disallowing expenses/household withdrawals. The Revenue's appeal against deleted additions for suppressed sales and interest on unsecured loans was also dismissed, with the Tribunal supporting the CIT(A)'s findings on consignment sales and absence of diverted funds. Case-Laws Income Tax Wed, 10 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252181