https://www.taxtmi.com/caselaws?id=424878 The Tribunal partially allowed the assessee's appeal by upholding the reopening of the assessment under Section 143(3) read with Section 147 of the Income Tax Act. However, it directed the deletion of the addition of Rs. 41 lakhs under Section 68, as the assessee provided sufficient evidence to establish the genuineness of the transactions. The initiation of penalty proceedings under Sections 234B, 234C, 234D, and 271(1)(C) was dismissed due to the deletion of the addition. en-us Thu, 07 Jul 2022 00:00:00 +0530 Fri, 08 Jul 2022 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424878 The Tribunal partially allowed the assessee's appeal by upholding the reopening of the assessment under Section 143(3) read with Section 147 of the Income Tax Act. However, it directed the deletion of the addition of Rs. 41 lakhs under Section 68, as the assessee provided sufficient evidence to establish the genuineness of the transactions. The initiation of penalty proceedings under Sections 234B, 234C, 234D, and 271(1)(C) was dismissed due to the deletion of the addition. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424878