https://www.taxtmi.com/caselaws?id=360058 The Tribunal upheld the validity of the assessment reopening under Section 148, finding that the AO had sufficient basis to believe income had escaped assessment. However, the addition of Rs. 4,35,282/- as undisclosed income was set aside for further investigation. The Tribunal emphasized the need for proper inquiry and evidence beyond reliance on statements, directing the AO to conduct a thorough examination into the transaction in question. en-us Tue, 30 Jan 2018 00:00:00 +0530 Wed, 09 May 2018 08:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360058 The Tribunal upheld the validity of the assessment reopening under Section 148, finding that the AO had sufficient basis to believe income had escaped assessment. However, the addition of Rs. 4,35,282/- as undisclosed income was set aside for further investigation. The Tribunal emphasized the need for proper inquiry and evidence beyond reliance on statements, directing the AO to conduct a thorough examination into the transaction in question. Case-Laws Income Tax Tue, 30 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360058