https://www.taxtmi.com/caselaws?id=339421 The Tribunal upheld the CIT(A)'s decision to quash the reassessment order under section 147 of the Income Tax Act, as the AO failed to demonstrate non-disclosure of material facts by the assessee. Additionally, the Tribunal supported the deletion of the disallowance of Short Term Capital Loss and the addition of deemed income, finding the AO's reasoning unjustifiable and based on presumption. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s conclusions and emphasizing the lack of justification for the reassessment and additions. en-us Tue, 21 Feb 2017 00:00:00 +0530 Mon, 27 Feb 2017 10:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339421 The Tribunal upheld the CIT(A)'s decision to quash the reassessment order under section 147 of the Income Tax Act, as the AO failed to demonstrate non-disclosure of material facts by the assessee. Additionally, the Tribunal supported the deletion of the disallowance of Short Term Capital Loss and the addition of deemed income, finding the AO's reasoning unjustifiable and based on presumption. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s conclusions and emphasizing the lack of justification for the reassessment and additions. Case-Laws Income Tax Tue, 21 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339421