https://www.taxtmi.com/caselaws?id=419790 The Tribunal upheld the deletion of the addition under Section 68 of the Income Tax Act as the Assessing Officer had already verified the details during the initial assessment. It dismissed the Revenue's contention regarding the establishment of identity and existence of entities, as these were satisfactorily established during the original assessment. The Tribunal found the initiation of proceedings under Section 147 invalid due to the lack of failure to disclose material facts by the assessee, quashing the assessment order and dismissing the Revenue's appeal. en-us Thu, 16 Dec 2021 00:00:00 +0530 Mon, 21 Mar 2022 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419790 The Tribunal upheld the deletion of the addition under Section 68 of the Income Tax Act as the Assessing Officer had already verified the details during the initial assessment. It dismissed the Revenue's contention regarding the establishment of identity and existence of entities, as these were satisfactorily established during the original assessment. The Tribunal found the initiation of proceedings under Section 147 invalid due to the lack of failure to disclose material facts by the assessee, quashing the assessment order and dismissing the Revenue's appeal. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419790