https://www.taxtmi.com/caselaws?id=192752 The Appellate Tribunal ITAT Chennai upheld the Commissioner's decision to reopen the assessment under Sec.147/148 of the Act, allowing the Assessing Officer to add cash payments for share purchase as unexplained income. The Tribunal deemed the reasons for reopening valid based on information from a survey. However, discrepancies in evidence led to the matter of disallowance of unexplained income being remitted back to the Assessing Officer for further verification, directing the Assessee to cooperate with the Revenue authorities. The Assessee's appeal was allowed for statistical purposes. en-us Fri, 13 Nov 2015 00:00:00 +0530 Sat, 17 Jun 2017 15:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192752 The Appellate Tribunal ITAT Chennai upheld the Commissioner's decision to reopen the assessment under Sec.147/148 of the Act, allowing the Assessing Officer to add cash payments for share purchase as unexplained income. The Tribunal deemed the reasons for reopening valid based on information from a survey. However, discrepancies in evidence led to the matter of disallowance of unexplained income being remitted back to the Assessing Officer for further verification, directing the Assessee to cooperate with the Revenue authorities. The Assessee's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 13 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192752