https://www.taxtmi.com/caselaws?id=423063 The Appellate Tribunal held that the reopening of assessment under section 147 read with section 148 of the Income Tax Act was invalid as it lacked tangible new material. Consequently, the addition of Rs.87,91,502/- under section 2(22)(e) of the Act was deemed unsustainable. The Tribunal quashed the reopening of assessment and allowed the appeal in favor of the assessee. en-us Wed, 05 Jan 2022 00:00:00 +0530 Fri, 27 May 2022 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423063 The Appellate Tribunal held that the reopening of assessment under section 147 read with section 148 of the Income Tax Act was invalid as it lacked tangible new material. Consequently, the addition of Rs.87,91,502/- under section 2(22)(e) of the Act was deemed unsustainable. The Tribunal quashed the reopening of assessment and allowed the appeal in favor of the assessee. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423063