https://www.taxtmi.com/caselaws?id=377826 The Tribunal quashed the reassessment proceedings under Section 147 and deleted the additions made by the AO. The Tribunal found that the reasons recorded for reopening the assessment lacked a live link between the material and income escaping assessment, emphasizing the need for independent application of mind by the AO. Additionally, the Tribunal held that the approval granted by the CIT under Section 151 was mechanical and could not validate the reopening. The Tribunal also ruled in favor of the assessee regarding the addition of Rs. 28 lakhs under Section 68 and Rs. 28,000 under Section 69C, noting the sufficiency of evidence provided to prove the legitimacy of transactions. en-us Tue, 26 Mar 2019 00:00:00 +0530 Wed, 03 Apr 2019 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377826 The Tribunal quashed the reassessment proceedings under Section 147 and deleted the additions made by the AO. The Tribunal found that the reasons recorded for reopening the assessment lacked a live link between the material and income escaping assessment, emphasizing the need for independent application of mind by the AO. Additionally, the Tribunal held that the approval granted by the CIT under Section 151 was mechanical and could not validate the reopening. The Tribunal also ruled in favor of the assessee regarding the addition of Rs. 28 lakhs under Section 68 and Rs. 28,000 under Section 69C, noting the sufficiency of evidence provided to prove the legitimacy of transactions. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377826