https://www.taxtmi.com/caselaws?id=397228 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection. The reassessment proceedings were quashed as the Tribunal found no failure on the part of the assessee to disclose material facts during the original assessment. The addition of Rs. 13.50 Crores as unexplained cash credit under Section 68 was deleted by the CIT(A), and the Tribunal refrained from addressing the merits due to the quashing of the reassessment. The order was delayed beyond 90 days due to the COVID-19 lockdown, following the JSW Ltd. precedent. en-us Mon, 27 Jul 2020 00:00:00 +0530 Mon, 10 Aug 2020 13:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397228 The Tribunal dismissed the revenue's appeal and allowed the assessee's cross-objection. The reassessment proceedings were quashed as the Tribunal found no failure on the part of the assessee to disclose material facts during the original assessment. The addition of Rs. 13.50 Crores as unexplained cash credit under Section 68 was deleted by the CIT(A), and the Tribunal refrained from addressing the merits due to the quashing of the reassessment. The order was delayed beyond 90 days due to the COVID-19 lockdown, following the JSW Ltd. precedent. Case-Laws Income Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397228