https://www.taxtmi.com/caselaws?id=396789 The appeal was allowed as the court found flaws in the re-opening of the assessment beyond the 4-year period and the addition of undisclosed income. The reasons for re-opening were considered vague and lacked fresh tangible material. The appellant successfully demonstrated the genuineness of the transactions through evidence and compliance with tax regulations. Legal precedents emphasizing the necessity of proving non-disclosure and the presence of fresh tangible material were crucial in the judgment. The court stressed the importance of factual accuracy, disclosure of material facts, and adherence to legal precedents in tax assessment proceedings. en-us Fri, 29 May 2020 00:00:00 +0530 Wed, 22 Jul 2020 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396789 The appeal was allowed as the court found flaws in the re-opening of the assessment beyond the 4-year period and the addition of undisclosed income. The reasons for re-opening were considered vague and lacked fresh tangible material. The appellant successfully demonstrated the genuineness of the transactions through evidence and compliance with tax regulations. Legal precedents emphasizing the necessity of proving non-disclosure and the presence of fresh tangible material were crucial in the judgment. The court stressed the importance of factual accuracy, disclosure of material facts, and adherence to legal precedents in tax assessment proceedings. Case-Laws Income Tax Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396789