https://www.taxtmi.com/caselaws?id=354564 The Tribunal allowed the Assessee's appeal, deleting the additions made on account of bogus diamond purchases and unexplained cash credit. It held that the reassessment proceedings were not valid as the primary reason for reopening the assessment was not sustained. The Tribunal emphasized the importance of assessing income based on the reasons recorded and cited relevant case law to support its decision. en-us Wed, 10 Jan 2018 00:00:00 +0530 Wed, 31 Jan 2018 16:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354564 The Tribunal allowed the Assessee's appeal, deleting the additions made on account of bogus diamond purchases and unexplained cash credit. It held that the reassessment proceedings were not valid as the primary reason for reopening the assessment was not sustained. The Tribunal emphasized the importance of assessing income based on the reasons recorded and cited relevant case law to support its decision. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354564