https://www.taxtmi.com/caselaws?id=325235 The Tribunal upheld the legality of the re-assessment proceedings initiated by the Assessing Officer, dismissing the assessee's challenge. Regarding the addition made under section 68 of the Income Tax Act, the Tribunal directed a fresh examination by the AO due to insufficient evidence provided by the assessee. The Tribunal allowed the appeal on the penalty issue under section 271(1)(c) as it became redundant following the restoration of the primary issue. The decision was rendered on 9th March 2016. en-us Wed, 09 Mar 2016 00:00:00 +0530 Mon, 14 Mar 2016 12:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325235 The Tribunal upheld the legality of the re-assessment proceedings initiated by the Assessing Officer, dismissing the assessee's challenge. Regarding the addition made under section 68 of the Income Tax Act, the Tribunal directed a fresh examination by the AO due to insufficient evidence provided by the assessee. The Tribunal allowed the appeal on the penalty issue under section 271(1)(c) as it became redundant following the restoration of the primary issue. The decision was rendered on 9th March 2016. Case-Laws Income Tax Wed, 09 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325235