https://www.taxtmi.com/caselaws?id=403136 The Tribunal found in favor of the assessee in a tax case involving re-opening and re-assessment, invalid proceedings, and addition on account of cash credits. The reassessment was deemed invalid due to being initiated in the names of non-existent companies post-amalgamation. The addition under Section 68 was deleted as the assessee substantiated the transactions and the retrospective application of Section 68 was found incorrect. The Tribunal highlighted lack of independent inquiry and reliance on retracted statements, ultimately ruling in favor of the assessee and partly allowing the appeals. en-us Tue, 08 Dec 2020 00:00:00 +0530 Wed, 20 Jan 2021 14:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403136 The Tribunal found in favor of the assessee in a tax case involving re-opening and re-assessment, invalid proceedings, and addition on account of cash credits. The reassessment was deemed invalid due to being initiated in the names of non-existent companies post-amalgamation. The addition under Section 68 was deleted as the assessee substantiated the transactions and the retrospective application of Section 68 was found incorrect. The Tribunal highlighted lack of independent inquiry and reliance on retracted statements, ultimately ruling in favor of the assessee and partly allowing the appeals. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403136