https://www.taxtmi.com/caselaws?id=382592 The ITAT ruled in favor of the assessee, quashing the assessment order due to the expiration of the six-year limitation period for proceedings under Section 147. It held that the observations made by the ITAT did not amount to a direction under Section 150, rendering the reopening of the assessment invalid. Additionally, the addition of unexplained credit amounting to Rs. 3,00,50,000 under Section 68 was deleted as the source of funds was explained satisfactorily. The ITAT allowed the appeal of the assessee. en-us Mon, 27 May 2019 00:00:00 +0530 Fri, 05 Jul 2019 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382592 The ITAT ruled in favor of the assessee, quashing the assessment order due to the expiration of the six-year limitation period for proceedings under Section 147. It held that the observations made by the ITAT did not amount to a direction under Section 150, rendering the reopening of the assessment invalid. Additionally, the addition of unexplained credit amounting to Rs. 3,00,50,000 under Section 68 was deleted as the source of funds was explained satisfactorily. The ITAT allowed the appeal of the assessee. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382592