https://www.taxtmi.com/caselaws?id=178744 The Tribunal allowed the appeal, quashing the reopening of the assessment under section 147 and deleting the Rs. 38,09,500/- addition made by the Assessing Officer. The Tribunal found that the reasons for reopening the assessment lacked independent application of mind and were based on information from the Investigation Wing, not fulfilling the condition of "reason to believe." Additionally, the Tribunal concluded that the assessee had provided sufficient evidence of genuine transactions to refute the unexplained income addition. en-us Fri, 21 Jun 2013 00:00:00 +0530 Thu, 11 Feb 2016 18:27:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178744 The Tribunal allowed the appeal, quashing the reopening of the assessment under section 147 and deleting the Rs. 38,09,500/- addition made by the Assessing Officer. The Tribunal found that the reasons for reopening the assessment lacked independent application of mind and were based on information from the Investigation Wing, not fulfilling the condition of "reason to believe." Additionally, the Tribunal concluded that the assessee had provided sufficient evidence of genuine transactions to refute the unexplained income addition. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178744