https://www.taxtmi.com/caselaws?id=273602 The Tribunal upheld the validity of the proceedings initiated under Section 147, finding the AO's belief reasonable and based on specific information. However, on the merits, the Tribunal confirmed the deletion of the addition of Rs. 8,39,212, as the assessee provided evidence proving the genuineness of the transactions, and the revenue failed to establish the amount as undisclosed income. The appeal was partly allowed, upholding the initiation of proceedings under Section 147 but confirming the deletion of the addition under Section 68. en-us Fri, 15 Jul 2011 00:00:00 +0530 Fri, 07 Apr 2023 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273602 The Tribunal upheld the validity of the proceedings initiated under Section 147, finding the AO's belief reasonable and based on specific information. However, on the merits, the Tribunal confirmed the deletion of the addition of Rs. 8,39,212, as the assessee provided evidence proving the genuineness of the transactions, and the revenue failed to establish the amount as undisclosed income. The appeal was partly allowed, upholding the initiation of proceedings under Section 147 but confirming the deletion of the addition under Section 68. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273602