https://www.taxtmi.com/caselaws?id=362503 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 40,00,000/- made by the AO under section 68 of the I.T. Act, 1961, for unexplained cash credits. It also confirmed that the reopening of the assessment was invalid due to vague reasons without specific incriminating material. The Tribunal found the assessee had adequately proven the identity, creditworthiness, and genuineness of transactions, emphasizing the lack of proper inquiry by the AO. The Revenue's appeal was dismissed, highlighting the importance of tangible material for reopening assessments and adherence to principles of natural justice. en-us Wed, 09 May 2018 00:00:00 +0530 Wed, 27 Jun 2018 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362503 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 40,00,000/- made by the AO under section 68 of the I.T. Act, 1961, for unexplained cash credits. It also confirmed that the reopening of the assessment was invalid due to vague reasons without specific incriminating material. The Tribunal found the assessee had adequately proven the identity, creditworthiness, and genuineness of transactions, emphasizing the lack of proper inquiry by the AO. The Revenue's appeal was dismissed, highlighting the importance of tangible material for reopening assessments and adherence to principles of natural justice. Case-Laws Income Tax Wed, 09 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362503