https://www.taxtmi.com/caselaws?id=407143 The Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings initiated under Section 148 of the Income Tax Act, 1961. The ITAT found that the Assessing Officer (A.O.) had relied on borrowed satisfaction without independent application of mind, leading to the reopening of assessment based on mere suspicion. Consequently, the ITAT did not address the other issues raised in the case, such as the validity of additions under Sections 56(2)(viib) and 68, and the enhancement of income under Section 251(2), as the reassessment order was deemed invalid. en-us Thu, 22 Apr 2021 00:00:00 +0530 Sat, 07 Aug 2021 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407143 The Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings initiated under Section 148 of the Income Tax Act, 1961. The ITAT found that the Assessing Officer (A.O.) had relied on borrowed satisfaction without independent application of mind, leading to the reopening of assessment based on mere suspicion. Consequently, the ITAT did not address the other issues raised in the case, such as the validity of additions under Sections 56(2)(viib) and 68, and the enhancement of income under Section 251(2), as the reassessment order was deemed invalid. Case-Laws Income Tax Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407143