https://www.taxtmi.com/caselaws?id=286265 The tribunal allowed the appeal, ruling that the reassessment proceedings were invalid due to the Assessing Officer's failure to independently apply his mind. The addition of Rs. 25,00,000 under Section 68 was deleted as the appellant provided adequate evidence of the genuineness of the transactions. The issue of charging interest under Sections 234B and 234A was not extensively addressed as the primary grounds of appeal favored the appellant. en-us Fri, 16 Dec 2016 00:00:00 +0530 Wed, 19 Feb 2020 09:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286265 The tribunal allowed the appeal, ruling that the reassessment proceedings were invalid due to the Assessing Officer's failure to independently apply his mind. The addition of Rs. 25,00,000 under Section 68 was deleted as the appellant provided adequate evidence of the genuineness of the transactions. The issue of charging interest under Sections 234B and 234A was not extensively addressed as the primary grounds of appeal favored the appellant. Case-Laws Income Tax Fri, 16 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286265