https://www.taxtmi.com/caselaws?id=269089 The ITAT upheld the reopening of assessment under section 147 but found the addition under section 68 to be unsustainable. The appeal was partly allowed as the ITAT concluded that the loan was not received as alleged, providing evidence to support this claim. The objection against reopening lacked merit, and the Assessing Officer was deemed to have rightly exercised power under section 147. en-us Wed, 04 Nov 2015 00:00:00 +0530 Tue, 08 Dec 2015 10:48:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269089 The ITAT upheld the reopening of assessment under section 147 but found the addition under section 68 to be unsustainable. The appeal was partly allowed as the ITAT concluded that the loan was not received as alleged, providing evidence to support this claim. The objection against reopening lacked merit, and the Assessing Officer was deemed to have rightly exercised power under section 147. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269089