https://www.taxtmi.com/caselaws?id=255583 The Tribunal dismissed the revenue's appeal, upholding the deletion of the addition of Rs. 9,96,000/- under Section 68 of the Income Tax Act. The Tribunal found that the Assessing Officer failed to conduct proper inquiries and relied on presumptions, which were deemed insufficient grounds for the addition. The Tribunal did not address the validity of the reassessment proceedings under Section 147 separately, as it became moot following the decision on the main issue. The assessee's cross-objection was rejected for statistical purposes. en-us Wed, 07 Jan 2015 00:00:00 +0530 Wed, 21 Jan 2015 08:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255583 The Tribunal dismissed the revenue's appeal, upholding the deletion of the addition of Rs. 9,96,000/- under Section 68 of the Income Tax Act. The Tribunal found that the Assessing Officer failed to conduct proper inquiries and relied on presumptions, which were deemed insufficient grounds for the addition. The Tribunal did not address the validity of the reassessment proceedings under Section 147 separately, as it became moot following the decision on the main issue. The assessee's cross-objection was rejected for statistical purposes. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255583