https://www.taxtmi.com/caselaws?id=366323 The Tribunal partly allowed the appeal, upholding the reopening of the assessment under sections 147/148 of the I.T. Act but deleting the addition of Rs. 40 lakhs under section 68. This decision was based on the A.O.'s failure to conduct adequate inquiries despite the substantial evidence provided by the assessee, demonstrating the legitimacy of the transactions. The Tribunal emphasized the need for thorough investigations and rejected drawing adverse inferences solely based on non-production of directors or shareholders. en-us Wed, 01 Aug 2018 00:00:00 +0530 Sat, 01 Sep 2018 08:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366323 The Tribunal partly allowed the appeal, upholding the reopening of the assessment under sections 147/148 of the I.T. Act but deleting the addition of Rs. 40 lakhs under section 68. This decision was based on the A.O.'s failure to conduct adequate inquiries despite the substantial evidence provided by the assessee, demonstrating the legitimacy of the transactions. The Tribunal emphasized the need for thorough investigations and rejected drawing adverse inferences solely based on non-production of directors or shareholders. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366323