https://www.taxtmi.com/caselaws?id=10505 The court deemed the reopening of the assessment under section 147 of the Income-tax Act as justified and legal based on discrepancies in sundry creditors' accounts, indicating income escapement. However, the addition of Rs. 2,70,421 as inflated liabilities under section 69 was considered unjustified as there was no concrete evidence of unexplained investments made by the appellant. The appeal was partially allowed, with each party bearing its own costs. en-us Mon, 31 Jan 2005 00:00:00 +0530 Thu, 16 Jul 2009 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10505 The court deemed the reopening of the assessment under section 147 of the Income-tax Act as justified and legal based on discrepancies in sundry creditors' accounts, indicating income escapement. However, the addition of Rs. 2,70,421 as inflated liabilities under section 69 was considered unjustified as there was no concrete evidence of unexplained investments made by the appellant. The appeal was partially allowed, with each party bearing its own costs. Case-Laws Income Tax Mon, 31 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10505