https://www.taxtmi.com/caselaws?id=283392 The tribunal allowed the appeal, setting aside the addition of Rs. 9,70,515, emphasizing the importance of valid reasons for reopening assessments and the necessity of concrete evidence to support additions in income tax proceedings. The tribunal found the reopening justified due to new information received post-processing of the return, distinguishing it from the precedent relied upon. The burden of proof was held to lie with the Assessing Officer to establish the lack of genuine transactions, and without concrete evidence, the addition regarding bogus purchase of diamonds was deemed unjustified. en-us Wed, 28 Jun 2017 00:00:00 +0530 Sat, 21 Sep 2019 07:16:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283392 The tribunal allowed the appeal, setting aside the addition of Rs. 9,70,515, emphasizing the importance of valid reasons for reopening assessments and the necessity of concrete evidence to support additions in income tax proceedings. The tribunal found the reopening justified due to new information received post-processing of the return, distinguishing it from the precedent relied upon. The burden of proof was held to lie with the Assessing Officer to establish the lack of genuine transactions, and without concrete evidence, the addition regarding bogus purchase of diamonds was deemed unjustified. Case-Laws Income Tax Wed, 28 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283392