https://www.taxtmi.com/caselaws?id=402447 The Tribunal held that loans disclosed in regular assessments cannot be treated as unexplained in block assessments. The appeal was allowed, emphasizing that the Assessing Officer cannot make additions in block assessments for transactions already disclosed and assessed in regular assessments. The Tribunal referred to legal precedents and provisions supporting its decision, including the protection under section 150(2) of the Act. The order was pronounced in favor of the assessee, highlighting the limitations on reassessment and the need for substantive grounds consideration before alternate contentions. en-us Tue, 20 Oct 2020 00:00:00 +0530 Sat, 02 Jan 2021 11:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402447 The Tribunal held that loans disclosed in regular assessments cannot be treated as unexplained in block assessments. The appeal was allowed, emphasizing that the Assessing Officer cannot make additions in block assessments for transactions already disclosed and assessed in regular assessments. The Tribunal referred to legal precedents and provisions supporting its decision, including the protection under section 150(2) of the Act. The order was pronounced in favor of the assessee, highlighting the limitations on reassessment and the need for substantive grounds consideration before alternate contentions. Case-Laws Income Tax Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402447