https://www.taxtmi.com/caselaws?id=400655 The Tribunal allowed the appeal of the assessee, ruling that the re-opening of the assessment was invalid due to discrepancies in figures and non-application of mind by the Assessing Officer. Additionally, the addition of Rs. 59,00,000 under Section 68 of the Income Tax Act was deemed arbitrary and lacking basis, as the genuineness of the transaction was proven. The Tribunal concluded that both the re-opening and the addition were not legally sustainable, leading to a favorable outcome for the assessee. en-us Mon, 02 Nov 2020 00:00:00 +0530 Thu, 12 Nov 2020 12:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400655 The Tribunal allowed the appeal of the assessee, ruling that the re-opening of the assessment was invalid due to discrepancies in figures and non-application of mind by the Assessing Officer. Additionally, the addition of Rs. 59,00,000 under Section 68 of the Income Tax Act was deemed arbitrary and lacking basis, as the genuineness of the transaction was proven. The Tribunal concluded that both the re-opening and the addition were not legally sustainable, leading to a favorable outcome for the assessee. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400655