https://www.taxtmi.com/caselaws?id=385488 The Tribunal allowed the appeal based on the invalidity of the reassessment proceedings under section 147/148, ruling that the reasons recorded lacked independent application of mind and were solely based on information from the Investigation Wing. As a result, the reassessment proceedings were deemed illegal and void. The challenge against the addition of cash credit under section 68 and the initiation of penalty proceedings under section 271(1)(c) were not directly addressed due to the illegality of the reassessment, making those issues moot. en-us Wed, 21 Aug 2019 00:00:00 +0530 Fri, 06 Sep 2019 07:28:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385488 The Tribunal allowed the appeal based on the invalidity of the reassessment proceedings under section 147/148, ruling that the reasons recorded lacked independent application of mind and were solely based on information from the Investigation Wing. As a result, the reassessment proceedings were deemed illegal and void. The challenge against the addition of cash credit under section 68 and the initiation of penalty proceedings under section 271(1)(c) were not directly addressed due to the illegality of the reassessment, making those issues moot. Case-Laws Income Tax Wed, 21 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385488