https://www.taxtmi.com/caselaws?id=349942 The Tribunal invalidated the reassessment proceedings under section 147 due to lack of concrete material and reliance on incorrect assumptions. Consequently, all issues raised were dismissed as academic, including the addition of Rs. 25,00,000/- and Rs. 3,70,126/- as gifts and the disallowance of interest amounting to Rs. 35,64,692/-. The assessee's appeal was allowed, and the reassessment order was declared invalid. en-us Wed, 25 Oct 2017 00:00:00 +0530 Fri, 27 Oct 2017 09:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349942 The Tribunal invalidated the reassessment proceedings under section 147 due to lack of concrete material and reliance on incorrect assumptions. Consequently, all issues raised were dismissed as academic, including the addition of Rs. 25,00,000/- and Rs. 3,70,126/- as gifts and the disallowance of interest amounting to Rs. 35,64,692/-. The assessee's appeal was allowed, and the reassessment order was declared invalid. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349942