https://www.taxtmi.com/caselaws?id=300116 The Tribunal upheld the quashing of reassessment proceedings initiated under Section 148 of the Income Tax Act, citing deficiencies in the Assessing Officer's approach. Additionally, the Tribunal agreed with the deletion of the Rs. 4,00,00,000/- addition under Section 68, highlighting the lack of substantive evidence and proper verification by the AO. The deletion of the Rs. 10,00,000/- commission addition and the dismissal of penalty proceedings under Section 271(1)(c) were also affirmed. The Tribunal emphasized the importance of independent verification and proper application of mind by the AO in such cases. en-us Fri, 15 Mar 2019 00:00:00 +0530 Thu, 13 Jan 2022 08:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300116 The Tribunal upheld the quashing of reassessment proceedings initiated under Section 148 of the Income Tax Act, citing deficiencies in the Assessing Officer's approach. Additionally, the Tribunal agreed with the deletion of the Rs. 4,00,00,000/- addition under Section 68, highlighting the lack of substantive evidence and proper verification by the AO. The deletion of the Rs. 10,00,000/- commission addition and the dismissal of penalty proceedings under Section 271(1)(c) were also affirmed. The Tribunal emphasized the importance of independent verification and proper application of mind by the AO in such cases. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300116