https://www.taxtmi.com/caselaws?id=408838 The Tribunal upheld the validity of the reopening under Section 148 of the Income Tax Act, dismissing the assessee's objections. However, the Tribunal allowed the appeal regarding the addition of Rs. 12,37,886, finding the transactions genuine and supported by evidence. The Tribunal concluded that the Assessing Officer lacked justification in treating the capital gain as bogus based solely on received information, ultimately ruling in favor of the assessee. en-us Mon, 14 Jun 2021 00:00:00 +0530 Tue, 22 Jun 2021 19:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408838 The Tribunal upheld the validity of the reopening under Section 148 of the Income Tax Act, dismissing the assessee's objections. However, the Tribunal allowed the appeal regarding the addition of Rs. 12,37,886, finding the transactions genuine and supported by evidence. The Tribunal concluded that the Assessing Officer lacked justification in treating the capital gain as bogus based solely on received information, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408838