https://www.taxtmi.com/caselaws?id=304770 The Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made under Section 68 of the Act, citing precedents and finding the issue already decided in favor of the assessee. It also ruled in favor of the assessee regarding the deletion of interest under Section 217 of the Act in the case of reassessment, following the principle that reassessment proceedings cannot be considered as the 'first assessment.' Consequently, the Court dismissed both appeals, affirming the decisions in favor of the assessee. en-us Mon, 10 Nov 2014 00:00:00 +0530 Thu, 20 Oct 2022 22:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304770 The Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made under Section 68 of the Act, citing precedents and finding the issue already decided in favor of the assessee. It also ruled in favor of the assessee regarding the deletion of interest under Section 217 of the Act in the case of reassessment, following the principle that reassessment proceedings cannot be considered as the 'first assessment.' Consequently, the Court dismissed both appeals, affirming the decisions in favor of the assessee. Case-Laws Income Tax Mon, 10 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304770