https://www.taxtmi.com/caselaws?id=259678 The court upheld the Assessing Officer's jurisdiction under Section 147 for reassessment, allowing the reopening of the assessment. It reversed the ITAT's decision to delete the addition of Rs. 10.65 crores under Section 68, deeming it taxable as unexplained cash credit. The court agreed with the ITAT that the forfeiture of the loan did not constitute taxable income under Section 41(1). The Revenue's appeal on the deletion of addition under Section 68 was allowed, while the Assessee's appeal on the reopening of assessment was dismissed, along with the Revenue's appeal on the taxability of the forfeited loan. en-us Thu, 14 May 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259678 The court upheld the Assessing Officer's jurisdiction under Section 147 for reassessment, allowing the reopening of the assessment. It reversed the ITAT's decision to delete the addition of Rs. 10.65 crores under Section 68, deeming it taxable as unexplained cash credit. The court agreed with the ITAT that the forfeiture of the loan did not constitute taxable income under Section 41(1). The Revenue's appeal on the deletion of addition under Section 68 was allowed, while the Assessee's appeal on the reopening of assessment was dismissed, along with the Revenue's appeal on the taxability of the forfeited loan. Case-Laws Income Tax Thu, 14 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259678