https://www.taxtmi.com/caselaws?id=378333 The Tribunal quashed the reassessment proceedings, emphasizing that they were initiated based on a change of opinion without new tangible material, contrary to legal requirements. The additions made by the Assessing Officer under Section 68 were deleted by the CIT(A) as the assessee proved the genuineness of transactions. The Tribunal upheld the CIT(A)'s decision, stating that the reassessment suffered from a jurisdictional defect. Consequently, the reassessment proceedings were deemed invalid, leading to the dismissal of the revenue's appeal. en-us Wed, 10 Apr 2019 00:00:00 +0530 Sat, 13 Apr 2019 05:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378333 The Tribunal quashed the reassessment proceedings, emphasizing that they were initiated based on a change of opinion without new tangible material, contrary to legal requirements. The additions made by the Assessing Officer under Section 68 were deleted by the CIT(A) as the assessee proved the genuineness of transactions. The Tribunal upheld the CIT(A)'s decision, stating that the reassessment suffered from a jurisdictional defect. Consequently, the reassessment proceedings were deemed invalid, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378333