https://www.taxtmi.com/caselaws?id=391159 The Tribunal dismissed the Revenue's appeals for both AY 2005-06 and AY 2006-07. For AY 2005-06, the Tribunal upheld the CIT(A)'s decision that the reassessment proceedings were time-barred and the notice under Section 148 was invalid. For AY 2006-07, the Tribunal upheld the deletion of the addition of Rs. 46,84,050/- by the CIT(A), finding that the credit in the bank account was related to the redemption of an earlier investment and not fresh income for the relevant year. The Tribunal also found no violation of Rule 46A by the CIT(A). en-us Fri, 10 Jan 2020 00:00:00 +0530 Tue, 21 Jan 2020 08:17:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391159 The Tribunal dismissed the Revenue's appeals for both AY 2005-06 and AY 2006-07. For AY 2005-06, the Tribunal upheld the CIT(A)'s decision that the reassessment proceedings were time-barred and the notice under Section 148 was invalid. For AY 2006-07, the Tribunal upheld the deletion of the addition of Rs. 46,84,050/- by the CIT(A), finding that the credit in the bank account was related to the redemption of an earlier investment and not fresh income for the relevant year. The Tribunal also found no violation of Rule 46A by the CIT(A). Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391159