https://www.taxtmi.com/caselaws?id=418515 The Tribunal allowed the appeal, holding the reopening of assessment based on information from DGIT(Inv), Mumbai, as invalid. It found the addition of unsecured loans under section 68 of the Income Tax Act unjustified, emphasizing the lack of independent assessment by the Assessing Officer. The Tribunal ruled that the reasons for reopening lacked a nexus between the material and income escapement, deeming the jurisdiction under section 147/148 of the I.T. Act unfounded. It concluded that the AO's reliance on the report without considering bank transactions violated principles of natural justice, ultimately ruling in favor of the assessee. en-us Thu, 10 Feb 2022 00:00:00 +0530 Fri, 18 Feb 2022 07:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418515 The Tribunal allowed the appeal, holding the reopening of assessment based on information from DGIT(Inv), Mumbai, as invalid. It found the addition of unsecured loans under section 68 of the Income Tax Act unjustified, emphasizing the lack of independent assessment by the Assessing Officer. The Tribunal ruled that the reasons for reopening lacked a nexus between the material and income escapement, deeming the jurisdiction under section 147/148 of the I.T. Act unfounded. It concluded that the AO's reliance on the report without considering bank transactions violated principles of natural justice, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 10 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418515