https://www.taxtmi.com/caselaws?id=392529 The Tribunal upheld the validity of the reopening of assessment under sections 147/148 of the Income Tax Act, noting tangible material justifying the belief that income had escaped assessment. Additionally, the Tribunal confirmed the addition of Rs. 15.50 lacs under section 68 of the Act, as the assessee failed to substantiate the source of deposits adequately. The Tribunal dismissed the appeal, affirming the actions of the Assessing Officer and Commissioner of Income Tax (Appeals) in both matters. en-us Tue, 07 Jan 2020 00:00:00 +0530 Sat, 22 Feb 2020 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392529 The Tribunal upheld the validity of the reopening of assessment under sections 147/148 of the Income Tax Act, noting tangible material justifying the belief that income had escaped assessment. Additionally, the Tribunal confirmed the addition of Rs. 15.50 lacs under section 68 of the Act, as the assessee failed to substantiate the source of deposits adequately. The Tribunal dismissed the appeal, affirming the actions of the Assessing Officer and Commissioner of Income Tax (Appeals) in both matters. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392529