https://www.taxtmi.com/caselaws?id=396696 The Tribunal upheld the AO's decision to reopen the assessment under section 147 of the Income Tax Act, citing the substantial turnover and absence of a tax audit report as valid grounds. Regarding the addition of unexplained income under section 68, the Tribunal accepted the genuineness of the funds received from the assessee's brother for share trading, deleting the entire addition of Rs. 13 lakhs. In the dispute over the source of investments in share transactions, the Tribunal found the transactions genuine based on banking evidence, annulling the entire addition and partly allowing the assessee's appeal. en-us Thu, 11 Jun 2020 00:00:00 +0530 Thu, 16 Jul 2020 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396696 The Tribunal upheld the AO's decision to reopen the assessment under section 147 of the Income Tax Act, citing the substantial turnover and absence of a tax audit report as valid grounds. Regarding the addition of unexplained income under section 68, the Tribunal accepted the genuineness of the funds received from the assessee's brother for share trading, deleting the entire addition of Rs. 13 lakhs. In the dispute over the source of investments in share transactions, the Tribunal found the transactions genuine based on banking evidence, annulling the entire addition and partly allowing the assessee's appeal. Case-Laws Income Tax Thu, 11 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396696