https://www.taxtmi.com/caselaws?id=273304 The Tribunal quashed the reassessment, finding the initiation under Section 147 invalid due to lack of independent material. Consequently, additions of Rs. 14,00,000 as unexplained cash credit under Section 68 and Rs. 28,000 as unexplained expenditure under Section 69C were deemed unjustified. The Tribunal also invalidated the levy of interest under Sections 234AB and 234B. The reassessment was overturned, and the appeal of the assessee was successful. en-us Fri, 15 Jul 2016 00:00:00 +0530 Fri, 15 Jun 2018 17:11:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273304 The Tribunal quashed the reassessment, finding the initiation under Section 147 invalid due to lack of independent material. Consequently, additions of Rs. 14,00,000 as unexplained cash credit under Section 68 and Rs. 28,000 as unexplained expenditure under Section 69C were deemed unjustified. The Tribunal also invalidated the levy of interest under Sections 234AB and 234B. The reassessment was overturned, and the appeal of the assessee was successful. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273304