https://www.taxtmi.com/caselaws?id=374482 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the IT Act, citing lack of proper application of mind by the Assessing Officer. The addition of Rs. 31,90,855/- as undisclosed income was set aside as the AO failed to prove connivance in misusing the CCM facility. Consequently, the Tribunal ruled in favor of the assessee, emphasizing the importance of tangible material before initiating reassessment proceedings and making income additions. en-us Thu, 31 Jan 2019 00:00:00 +0530 Sat, 02 Feb 2019 09:28:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374482 The Tribunal quashed the reassessment proceedings initiated under Section 147 of the IT Act, citing lack of proper application of mind by the Assessing Officer. The addition of Rs. 31,90,855/- as undisclosed income was set aside as the AO failed to prove connivance in misusing the CCM facility. Consequently, the Tribunal ruled in favor of the assessee, emphasizing the importance of tangible material before initiating reassessment proceedings and making income additions. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374482