https://www.taxtmi.com/caselaws?id=374652 The Tribunal upheld the reopening of assessment under Sections 147/148 based on tangible material indicating income escape. Addition under Section 68 was deleted as the AO lacked evidence, shifting the burden to Revenue per judicial precedents. The addition under Section 69C for commission lacked concrete evidence and was deleted. Disallowance under Section 14A was deleted as the AO failed to link specific expenditure to exempt income. The Tribunal dismissed Revenue's appeal, partly allowing the assessee's appeal, emphasizing the necessity of concrete evidence and reasonable belief in tax assessments. en-us Wed, 30 Jan 2019 00:00:00 +0530 Wed, 06 Feb 2019 07:23:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374652 The Tribunal upheld the reopening of assessment under Sections 147/148 based on tangible material indicating income escape. Addition under Section 68 was deleted as the AO lacked evidence, shifting the burden to Revenue per judicial precedents. The addition under Section 69C for commission lacked concrete evidence and was deleted. Disallowance under Section 14A was deleted as the AO failed to link specific expenditure to exempt income. The Tribunal dismissed Revenue's appeal, partly allowing the assessee's appeal, emphasizing the necessity of concrete evidence and reasonable belief in tax assessments. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374652