https://www.taxtmi.com/caselaws?id=386586 The Tribunal held that the initiation of reassessment proceedings was invalid due to insufficient satisfaction by the Joint Commissioner of Income Tax, quashing the reopening of the assessment. The addition of Rs. 17,84,000 under section 68 was deleted as the loans were deemed capital receipts for setting up a new manufacturing plant. However, the addition of Rs. 87,115 on account of a bogus credit was upheld. The appeal was partly allowed with the reassessment proceedings quashed and deletions made to the additions under section 68. en-us Fri, 15 Mar 2019 00:00:00 +0530 Thu, 03 Oct 2019 07:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386586 The Tribunal held that the initiation of reassessment proceedings was invalid due to insufficient satisfaction by the Joint Commissioner of Income Tax, quashing the reopening of the assessment. The addition of Rs. 17,84,000 under section 68 was deleted as the loans were deemed capital receipts for setting up a new manufacturing plant. However, the addition of Rs. 87,115 on account of a bogus credit was upheld. The appeal was partly allowed with the reassessment proceedings quashed and deletions made to the additions under section 68. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386586