https://www.taxtmi.com/caselaws?id=401020 The Tribunal partially allowed the appeal. It upheld the validity of the assessment reopening under Section 148, finding the AO had sufficient grounds. However, it deleted the additions of Rs. 15,00,000 as a bogus unsecured loan, Rs. 44,795 as interest, Rs. 30,000 as assumed expenditure, and Rs. 5,00,000 as ad-hoc disallowance, citing lack of substantial inquiry and improper rejection of books. en-us Mon, 23 Nov 2020 00:00:00 +0530 Mon, 04 Nov 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401020 The Tribunal partially allowed the appeal. It upheld the validity of the assessment reopening under Section 148, finding the AO had sufficient grounds. However, it deleted the additions of Rs. 15,00,000 as a bogus unsecured loan, Rs. 44,795 as interest, Rs. 30,000 as assumed expenditure, and Rs. 5,00,000 as ad-hoc disallowance, citing lack of substantial inquiry and improper rejection of books. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401020