https://www.taxtmi.com/caselaws?id=306308 The court ruled in favor of the assessee on all issues. The reassessment notice under Section 148 was deemed unjustified and barred by limitation. The genuineness of the security/trade credit of Rs. 4,00,000 was upheld, overturning the Tribunal's decision. Additionally, the addition for security/trade deposit with interest of Rs. 2,79,890 was held as genuine, rejecting the Tribunal's finding of it being bogus. The court emphasized the necessity of full disclosure of material facts and limitations on reassessment beyond the prescribed period, ultimately ruling against the department and in favor of the assessee. en-us Wed, 24 May 2017 00:00:00 +0530 Sat, 21 Jan 2023 08:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306308 The court ruled in favor of the assessee on all issues. The reassessment notice under Section 148 was deemed unjustified and barred by limitation. The genuineness of the security/trade credit of Rs. 4,00,000 was upheld, overturning the Tribunal's decision. Additionally, the addition for security/trade deposit with interest of Rs. 2,79,890 was held as genuine, rejecting the Tribunal's finding of it being bogus. The court emphasized the necessity of full disclosure of material facts and limitations on reassessment beyond the prescribed period, ultimately ruling against the department and in favor of the assessee. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306308