https://www.taxtmi.com/caselaws?id=419256 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The reassessment was invalidated due to incorrect facts and lack of independent application of mind by the Assessing Officer. Consequently, the addition of Rs. 21,10,000 as unexplained money was not addressed on its merits as the primary ground of reassessment validity favored the assessee. The decision was rendered on 23rd February 2022. en-us Wed, 23 Feb 2022 00:00:00 +0530 Mon, 07 Mar 2022 08:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419256 The Tribunal allowed the appeal, quashing the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The reassessment was invalidated due to incorrect facts and lack of independent application of mind by the Assessing Officer. Consequently, the addition of Rs. 21,10,000 as unexplained money was not addressed on its merits as the primary ground of reassessment validity favored the assessee. The decision was rendered on 23rd February 2022. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419256