https://www.taxtmi.com/caselaws?id=350498 The Tribunal upheld the reopening of assessment under section 147 of the Income Tax Act, citing sufficient material for the AO to form a belief that income had escaped assessment. However, the Tribunal ruled in favor of the assessee regarding the addition of on-money received for the sale of property, directing the AO to delete the addition of Rs. 3.05 crores due to lack of corroborative evidence. Consequently, the penalty under section 271(1)(c) for concealment of income was also deleted as the basis for the penalty no longer existed without the quantum addition. en-us Fri, 27 Oct 2017 00:00:00 +0530 Mon, 06 Nov 2017 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350498 The Tribunal upheld the reopening of assessment under section 147 of the Income Tax Act, citing sufficient material for the AO to form a belief that income had escaped assessment. However, the Tribunal ruled in favor of the assessee regarding the addition of on-money received for the sale of property, directing the AO to delete the addition of Rs. 3.05 crores due to lack of corroborative evidence. Consequently, the penalty under section 271(1)(c) for concealment of income was also deleted as the basis for the penalty no longer existed without the quantum addition. Case-Laws Income Tax Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350498