https://www.taxtmi.com/caselaws?id=390934 The Tribunal allowed the appeal, quashing the reopening of assessment under Section 147 and the consequent reassessment order, including the addition of Rs. 20,00,000 under Section 68 of the Income Tax Act, 1961. The Tribunal emphasized the requirement for the Assessing Officer to have a valid "reason to believe" supported by tangible material for reopening assessments, rejecting the reliance on borrowed satisfaction. en-us Fri, 10 Jan 2020 00:00:00 +0530 Wed, 15 Jan 2020 06:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390934 The Tribunal allowed the appeal, quashing the reopening of assessment under Section 147 and the consequent reassessment order, including the addition of Rs. 20,00,000 under Section 68 of the Income Tax Act, 1961. The Tribunal emphasized the requirement for the Assessing Officer to have a valid "reason to believe" supported by tangible material for reopening assessments, rejecting the reliance on borrowed satisfaction. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390934