https://www.taxtmi.com/caselaws?id=345697 The ITAT Delhi quashed the reassessment proceedings in the case, finding that the Assessing Officer did not have a valid reason to believe that income had escaped assessment. The appellant successfully argued against the addition of income under section 68, presenting evidence of the genuineness of transactions and disputing the confirmation of a commission payment without proper support. The ITAT ruled in favor of the appellant, emphasizing that the Assessing Officer must apply their mind before initiating reassessment proceedings and directing the quashing of reassessment in all similar cases with identical issues. en-us Thu, 09 Mar 2017 00:00:00 +0530 Mon, 24 Jul 2017 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345697 The ITAT Delhi quashed the reassessment proceedings in the case, finding that the Assessing Officer did not have a valid reason to believe that income had escaped assessment. The appellant successfully argued against the addition of income under section 68, presenting evidence of the genuineness of transactions and disputing the confirmation of a commission payment without proper support. The ITAT ruled in favor of the appellant, emphasizing that the Assessing Officer must apply their mind before initiating reassessment proceedings and directing the quashing of reassessment in all similar cases with identical issues. Case-Laws Income Tax Thu, 09 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345697