https://www.taxtmi.com/caselaws?id=266239 The Tribunal upheld the validity of the assessment reopening under section 147, citing that section 153C did not apply as the seized documents belonged to a third party. The addition of Rs. 41,25,550 under section 68 was deleted due to insufficient evidence against the assessee, as the AO failed to summon a key witness. Consequently, the disallowance of set off of business loss was also reversed in favor of the assessee. The appeal was partially allowed, with the Tribunal ruling in favor of the assessee on the key issues raised. en-us Wed, 09 Sep 2015 00:00:00 +0530 Sat, 30 Apr 2016 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266239 The Tribunal upheld the validity of the assessment reopening under section 147, citing that section 153C did not apply as the seized documents belonged to a third party. The addition of Rs. 41,25,550 under section 68 was deleted due to insufficient evidence against the assessee, as the AO failed to summon a key witness. Consequently, the disallowance of set off of business loss was also reversed in favor of the assessee. The appeal was partially allowed, with the Tribunal ruling in favor of the assessee on the key issues raised. Case-Laws Income Tax Wed, 09 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266239