https://www.taxtmi.com/caselaws?id=292490 The Tribunal held that the proceedings initiated under Section 147/148 based on AIR information were illegal as they lacked tangible material. The addition made on unexplained credits in bank accounts was invalidated for being different from the reason for reopening. The premature confirmation of unexplained credits without proper verification was deemed improper. The direction to reopen the case for a previous year and initiate penalty proceedings were found to be beyond the CIT(A)'s competence. Consequently, all proceedings were quashed, and the appeal was allowed. en-us Mon, 11 Jul 2016 00:00:00 +0530 Sat, 26 Dec 2020 10:31:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292490 The Tribunal held that the proceedings initiated under Section 147/148 based on AIR information were illegal as they lacked tangible material. The addition made on unexplained credits in bank accounts was invalidated for being different from the reason for reopening. The premature confirmation of unexplained credits without proper verification was deemed improper. The direction to reopen the case for a previous year and initiate penalty proceedings were found to be beyond the CIT(A)'s competence. Consequently, all proceedings were quashed, and the appeal was allowed. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292490