https://www.taxtmi.com/caselaws?id=286159 The Tribunal quashed the reassessment proceedings due to the invalid assumption of jurisdiction under Section 147 of the Income Tax Act, 1961. The AO's reopening lacked independent application of mind, relying solely on information from the investigation wing. Consequently, the deletion of the addition of Rs. 36,00,000 by the CIT(A) was upheld, as the assessee provided proof of identity and creditworthiness of the parties. The revenue's appeal was dismissed, and the order was pronounced on 27th November 2015. en-us Fri, 27 Nov 2015 00:00:00 +0530 Fri, 14 Feb 2020 19:55:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286159 The Tribunal quashed the reassessment proceedings due to the invalid assumption of jurisdiction under Section 147 of the Income Tax Act, 1961. The AO's reopening lacked independent application of mind, relying solely on information from the investigation wing. Consequently, the deletion of the addition of Rs. 36,00,000 by the CIT(A) was upheld, as the assessee provided proof of identity and creditworthiness of the parties. The revenue's appeal was dismissed, and the order was pronounced on 27th November 2015. Case-Laws Income Tax Fri, 27 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286159