https://www.taxtmi.com/caselaws?id=259598 The Tribunal upheld the reopening of the assessment under section 147 of the Income Tax Act based on sufficient reasons to believe there was an escapement of income. However, the addition of Rs. 4,25,00,000 under section 68 was deleted as the assessee provided substantial evidence proving the genuineness of the transactions, and the addition was solely based on a general statement without direct evidence. The appeal was partly allowed, with the Tribunal ruling in favor of the assessee on the addition issue. en-us Wed, 15 Apr 2015 00:00:00 +0530 Fri, 15 May 2015 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259598 The Tribunal upheld the reopening of the assessment under section 147 of the Income Tax Act based on sufficient reasons to believe there was an escapement of income. However, the addition of Rs. 4,25,00,000 under section 68 was deleted as the assessee provided substantial evidence proving the genuineness of the transactions, and the addition was solely based on a general statement without direct evidence. The appeal was partly allowed, with the Tribunal ruling in favor of the assessee on the addition issue. Case-Laws Income Tax Wed, 15 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259598