https://www.taxtmi.com/caselaws?id=195715 The tribunal upheld the reopening of assessment proceedings under Sections 147/148 of the Income Tax Act, 1961, based on reasonable grounds to believe income had escaped assessment. It affirmed the addition of unexplained cash credit under Section 68, rejecting the claim of genuine long-term capital gain. The tribunal found the transactions to be bogus accommodation entries, supporting the Commissioner of Income Tax (Appeal)'s decision and dismissing the assessee's appeal. en-us Wed, 22 Mar 2017 00:00:00 +0530 Wed, 08 Nov 2017 15:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195715 The tribunal upheld the reopening of assessment proceedings under Sections 147/148 of the Income Tax Act, 1961, based on reasonable grounds to believe income had escaped assessment. It affirmed the addition of unexplained cash credit under Section 68, rejecting the claim of genuine long-term capital gain. The tribunal found the transactions to be bogus accommodation entries, supporting the Commissioner of Income Tax (Appeal)'s decision and dismissing the assessee's appeal. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195715