https://www.taxtmi.com/caselaws?id=349370 The Tribunal allowed the assessee's appeal, quashing the reopening of the case under Section 148 and deleting the addition of Rs. 50 lakhs. The Tribunal held that the AO's actions were based on suspicions without tangible material or independent verification. The assessee successfully proved the identity, capacity, and genuineness of the transaction, and the survey statement had no evidentiary value. The appeal was allowed in favor of the assessee. en-us Thu, 07 Sep 2017 00:00:00 +0530 Thu, 12 Oct 2017 08:21:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349370 The Tribunal allowed the assessee's appeal, quashing the reopening of the case under Section 148 and deleting the addition of Rs. 50 lakhs. The Tribunal held that the AO's actions were based on suspicions without tangible material or independent verification. The assessee successfully proved the identity, capacity, and genuineness of the transaction, and the survey statement had no evidentiary value. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 07 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349370