https://www.taxtmi.com/caselaws?id=422625 The Tribunal quashed the proceedings initiated under section 147 of the Income Tax Act, finding the reasons to believe invalid as they were based on suspicion rather than tangible material. Additionally, the Tribunal upheld the deletion of unexplained cash credits and unsecured loans additions made by the Assessing Officer under section 68 of the Act. The Tribunal emphasized the importance of tangible evidence over suspicion and upheld the assessee's explanations supported by documentary evidence. en-us Wed, 27 Apr 2022 00:00:00 +0530 Thu, 19 May 2022 08:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422625 The Tribunal quashed the proceedings initiated under section 147 of the Income Tax Act, finding the reasons to believe invalid as they were based on suspicion rather than tangible material. Additionally, the Tribunal upheld the deletion of unexplained cash credits and unsecured loans additions made by the Assessing Officer under section 68 of the Act. The Tribunal emphasized the importance of tangible evidence over suspicion and upheld the assessee's explanations supported by documentary evidence. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422625