https://www.taxtmi.com/caselaws?id=278165 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings initiated by the Revenue, citing lack of tangible material for reopening. It also supported the deletion of additions of Rs. 1 crore as unexplained share application money and Rs. 28,12,500 as estimated unexplained expenditure. The Tribunal further deleted the addition of Rs. 1,62,50,000 as unexplained cash credit under section 68, finding the evidence provided by the assessee regarding the genuineness of transactions to be sufficient. The Tribunal's decision favored the assessee, emphasizing the adequacy of evidence and absence of contradictory proof from the AO. en-us Wed, 17 Oct 2018 00:00:00 +0530 Tue, 15 Jan 2019 11:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278165 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings initiated by the Revenue, citing lack of tangible material for reopening. It also supported the deletion of additions of Rs. 1 crore as unexplained share application money and Rs. 28,12,500 as estimated unexplained expenditure. The Tribunal further deleted the addition of Rs. 1,62,50,000 as unexplained cash credit under section 68, finding the evidence provided by the assessee regarding the genuineness of transactions to be sufficient. The Tribunal's decision favored the assessee, emphasizing the adequacy of evidence and absence of contradictory proof from the AO. Case-Laws Income Tax Wed, 17 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278165