https://www.taxtmi.com/caselaws?id=367565 The Tribunal ruled in favor of the assessee-company, quashing the re-assessment proceedings initiated under section 148 of the Income Tax Act due to lack of tangible material connecting the company with income escapement. Additionally, the Tribunal deleted the addition of Rs. 2,21,00,788/- as unexplained credit under section 68, as the entries in question were deemed to belong to an individual and had already been considered in that individual's case. The Tribunal upheld the cancellation of the penalty imposed on the assessee-company, as the additions were not sustainable following the deletion of the income addition. en-us Tue, 18 Sep 2018 00:00:00 +0530 Sat, 22 Sep 2018 17:09:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367565 The Tribunal ruled in favor of the assessee-company, quashing the re-assessment proceedings initiated under section 148 of the Income Tax Act due to lack of tangible material connecting the company with income escapement. Additionally, the Tribunal deleted the addition of Rs. 2,21,00,788/- as unexplained credit under section 68, as the entries in question were deemed to belong to an individual and had already been considered in that individual's case. The Tribunal upheld the cancellation of the penalty imposed on the assessee-company, as the additions were not sustainable following the deletion of the income addition. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367565