https://www.taxtmi.com/caselaws?id=338691 The Tribunal quashed the reassessment proceedings for the assessment year 2003-04 under sections 147/148, finding the action of the Assessing Officer unsustainable due to lack of independent material. The addition of a gift amount as unexplained credit was also dismissed as the proceedings lacked proper verification and reasoning. The Tribunal allowed the appeal without addressing the chargeability of penal interest under section 234B, focusing on the legal flaws in the initiation of proceedings and additions made. en-us Fri, 25 Nov 2016 00:00:00 +0530 Thu, 09 Feb 2017 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338691 The Tribunal quashed the reassessment proceedings for the assessment year 2003-04 under sections 147/148, finding the action of the Assessing Officer unsustainable due to lack of independent material. The addition of a gift amount as unexplained credit was also dismissed as the proceedings lacked proper verification and reasoning. The Tribunal allowed the appeal without addressing the chargeability of penal interest under section 234B, focusing on the legal flaws in the initiation of proceedings and additions made. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338691