https://www.taxtmi.com/caselaws?id=391662 The Tribunal upheld the validity of the reopening under sections 147/148, the additions of Rs. 74,00,000 under section 68, and Rs. 1,85,000 for commission expenses. The Tribunal found the AO had credible information for reopening and the additions were justified due to lack of evidence proving the transactions' genuineness. The Tribunal also ruled that the assessee had sufficient opportunity to present its case and that principles of natural justice were not breached. The proceedings under sections 147/148 were deemed appropriate, dismissing the contention for section 153C and restoring the case to the AO for further clarification on the investee companies. en-us Wed, 18 Dec 2019 00:00:00 +0530 Tue, 04 Feb 2020 08:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391662 The Tribunal upheld the validity of the reopening under sections 147/148, the additions of Rs. 74,00,000 under section 68, and Rs. 1,85,000 for commission expenses. The Tribunal found the AO had credible information for reopening and the additions were justified due to lack of evidence proving the transactions' genuineness. The Tribunal also ruled that the assessee had sufficient opportunity to present its case and that principles of natural justice were not breached. The proceedings under sections 147/148 were deemed appropriate, dismissing the contention for section 153C and restoring the case to the AO for further clarification on the investee companies. Case-Laws Income Tax Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391662