https://www.taxtmi.com/caselaws?id=325566 The Tribunal held that the reopening of assessment under section 147 of the Income Tax Act was unjustified due to lack of fresh information, leading to the appeal being upheld. Additionally, the Tribunal found the gifts received by the assessee from his parents to be genuine, as evidenced by affidavits, gift deeds, and explanations of the sources of funds, resulting in the deletion of the addition made under section 68 of the Act. The Tribunal emphasized the importance of considering relevant case law and supporting evidence in making such determinations. en-us Fri, 05 Feb 2016 00:00:00 +0530 Wed, 23 Mar 2016 09:54:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325566 The Tribunal held that the reopening of assessment under section 147 of the Income Tax Act was unjustified due to lack of fresh information, leading to the appeal being upheld. Additionally, the Tribunal found the gifts received by the assessee from his parents to be genuine, as evidenced by affidavits, gift deeds, and explanations of the sources of funds, resulting in the deletion of the addition made under section 68 of the Act. The Tribunal emphasized the importance of considering relevant case law and supporting evidence in making such determinations. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325566