https://www.taxtmi.com/caselaws?id=385575 The Tribunal upheld the reopening of the assessment and additions under sections 68 and 69C of the I.T. Act. The assessee's challenge to the reopening was dismissed as credible information justified reassessment. The addition of Rs. 40 lakhs under section 68 was supported by evidence showing lack of genuineness in the transaction. Additionally, the Rs. 20,000 added under section 69C was upheld due to the entry operator's modus operandi. The Tribunal found the assessee failed to establish the legitimacy of the transactions and investor creditworthiness, affirming the entries as bogus accommodations. en-us Mon, 02 Sep 2019 00:00:00 +0530 Mon, 09 Sep 2019 08:12:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385575 The Tribunal upheld the reopening of the assessment and additions under sections 68 and 69C of the I.T. Act. The assessee's challenge to the reopening was dismissed as credible information justified reassessment. The addition of Rs. 40 lakhs under section 68 was supported by evidence showing lack of genuineness in the transaction. Additionally, the Rs. 20,000 added under section 69C was upheld due to the entry operator's modus operandi. The Tribunal found the assessee failed to establish the legitimacy of the transactions and investor creditworthiness, affirming the entries as bogus accommodations. Case-Laws Income Tax Mon, 02 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385575