https://www.taxtmi.com/caselaws?id=401057 Reopening under section 147 was upheld because the Assessing Officer had prima facie material giving rise to a reasonable belief of escapement, and the sufficiency or correctness of that material was not open to examination at that stage. The addition under section 68 for the loan from Smt. Kamla Tahaliyani was deleted because the bank statement, creditor confirmation, and traced cash withdrawals supported identity, capacity and genuineness. The addition under section 68 relating to Shri Ram Swaroop Mali was sustained because the claimed source of part of the credit from truck sale proceeds of his son was unsupported by corroborative evidence, even though the agricultural income component was accepted. en-us Wed, 11 Nov 2020 00:00:00 +0530 Thu, 26 Nov 2020 11:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401057 Reopening under section 147 was upheld because the Assessing Officer had prima facie material giving rise to a reasonable belief of escapement, and the sufficiency or correctness of that material was not open to examination at that stage. The addition under section 68 for the loan from Smt. Kamla Tahaliyani was deleted because the bank statement, creditor confirmation, and traced cash withdrawals supported identity, capacity and genuineness. The addition under section 68 relating to Shri Ram Swaroop Mali was sustained because the claimed source of part of the credit from truck sale proceeds of his son was unsupported by corroborative evidence, even though the agricultural income component was accepted. Case-Laws Income Tax Wed, 11 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401057