https://www.taxtmi.com/caselaws?id=400017 The Tribunal allowed the appeal, quashing the reopening under sections 147/148 and holding the addition of Rs. 1,31,08,895 under section 68 was not sustainable. The Tribunal found the initiation of proceedings lacked legal basis, as the AO relied on incorrect information without independent verification. The addition under section 68 was deemed unjustified, as the AO failed to consider the evidence provided by the assessee. The order was issued on October 22, 2020. en-us Thu, 22 Oct 2020 00:00:00 +0530 Sat, 24 Oct 2020 19:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400017 The Tribunal allowed the appeal, quashing the reopening under sections 147/148 and holding the addition of Rs. 1,31,08,895 under section 68 was not sustainable. The Tribunal found the initiation of proceedings lacked legal basis, as the AO relied on incorrect information without independent verification. The addition under section 68 was deemed unjustified, as the AO failed to consider the evidence provided by the assessee. The order was issued on October 22, 2020. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400017