https://www.taxtmi.com/caselaws?id=366159 The Tribunal held that the reopening of the assessment for A.Y. 2006-07 without proper sanction under Section 151 was invalid and quashed the reassessment proceedings. The addition of unsecured loan as unexplained credits under Section 68 was also quashed due to the invalid reopening. Disallowance of expenses and interest on unsecured loans was upheld. Addition of contract receipts as unaccounted income was confirmed. The taxation of interest income not included by the assessee was upheld. An additional disallowance of expenses was partially allowed. The Tribunal upheld decisions where the assessee failed to provide adequate evidence. en-us Tue, 21 Aug 2018 00:00:00 +0530 Thu, 09 Jul 2026 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366159 The Tribunal held that the reopening of the assessment for A.Y. 2006-07 without proper sanction under Section 151 was invalid and quashed the reassessment proceedings. The addition of unsecured loan as unexplained credits under Section 68 was also quashed due to the invalid reopening. Disallowance of expenses and interest on unsecured loans was upheld. Addition of contract receipts as unaccounted income was confirmed. The taxation of interest income not included by the assessee was upheld. An additional disallowance of expenses was partially allowed. The Tribunal upheld decisions where the assessee failed to provide adequate evidence. Case-Laws Income Tax Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366159