https://www.taxtmi.com/caselaws?id=403680 The Tribunal held that the reopening of the assessment under sections 147/148 of the Income Tax Act was unjustified as the Assessing Officer lacked tangible material and recorded incorrect facts. The addition of Rs. 11,49,060/- under section 69 was also deemed baseless and unsupported by evidence, leading to its deletion. The Tribunal allowed the assessee's appeal, setting aside the lower authorities' orders. en-us Mon, 01 Feb 2021 00:00:00 +0530 Fri, 05 Feb 2021 07:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403680 The Tribunal held that the reopening of the assessment under sections 147/148 of the Income Tax Act was unjustified as the Assessing Officer lacked tangible material and recorded incorrect facts. The addition of Rs. 11,49,060/- under section 69 was also deemed baseless and unsupported by evidence, leading to its deletion. The Tribunal allowed the assessee's appeal, setting aside the lower authorities' orders. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403680