https://www.taxtmi.com/caselaws?id=407217 The ITAT quashed the reopening of the assessment under Section 147 of the Income Tax Act, 1961, deeming it illegal and void due to the AO's lack of independent application of mind and reliance on the investigation wing's report. Consequently, the additions of Rs. 25 lakhs under Section 68 and Rs. 45,000 for unexplained investment were also deleted. The Tribunal's decision underscored the requirement for the AO to independently evaluate evidence, setting a precedent for similar cases. en-us Wed, 02 Dec 2020 00:00:00 +0530 Sat, 26 Oct 2024 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407217 The ITAT quashed the reopening of the assessment under Section 147 of the Income Tax Act, 1961, deeming it illegal and void due to the AO's lack of independent application of mind and reliance on the investigation wing's report. Consequently, the additions of Rs. 25 lakhs under Section 68 and Rs. 45,000 for unexplained investment were also deleted. The Tribunal's decision underscored the requirement for the AO to independently evaluate evidence, setting a precedent for similar cases. Case-Laws Income Tax Wed, 02 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407217