https://www.taxtmi.com/caselaws?id=413342 The Tribunal quashed the reassessment proceedings initiated under Section 148 of the Income-tax Act, as the Assessing Officer did not assess the income forming the basis for reopening the assessment. The addition of Rs. 7,90,50,000/- as unsecured loan under Section 68 was not addressed due to the quashing of reassessment. The Tribunal did not delve into the alleged violation of natural justice as the appeal was allowed based on legal grounds, following the judgment in CIT Vs. Jet Airways [I] Ltd. The assessment order was consequently set aside. en-us Wed, 08 Sep 2021 00:00:00 +0530 Thu, 28 Oct 2021 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413342 The Tribunal quashed the reassessment proceedings initiated under Section 148 of the Income-tax Act, as the Assessing Officer did not assess the income forming the basis for reopening the assessment. The addition of Rs. 7,90,50,000/- as unsecured loan under Section 68 was not addressed due to the quashing of reassessment. The Tribunal did not delve into the alleged violation of natural justice as the appeal was allowed based on legal grounds, following the judgment in CIT Vs. Jet Airways [I] Ltd. The assessment order was consequently set aside. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413342