https://www.taxtmi.com/caselaws?id=278266 The Tribunal upheld the validity of the reassessment proceedings under Section 148 of the Income Tax Act, 1961, and confirmed the addition of Rs. 10,02,500 to the assessee's income. It found that the Assessing Officer had sufficient grounds to believe that income had escaped assessment based on information received. Additionally, the Tribunal ruled that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the creditors, leading to the dismissal of the appeal. en-us Mon, 06 Jul 2015 00:00:00 +0530 Tue, 22 Jan 2019 07:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278266 The Tribunal upheld the validity of the reassessment proceedings under Section 148 of the Income Tax Act, 1961, and confirmed the addition of Rs. 10,02,500 to the assessee's income. It found that the Assessing Officer had sufficient grounds to believe that income had escaped assessment based on information received. Additionally, the Tribunal ruled that the assessee failed to prove the genuineness of the transactions and the creditworthiness of the creditors, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 06 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278266