https://www.taxtmi.com/caselaws?id=434126 The Tribunal ruled in favor of the assessee, finding the reopening of the assessment invalid due to lack of independent verification and reliance on vague information. Additionally, the Tribunal held that the addition of Rs. 3,00,00,000/- under Section 68 as unexplained loans was not justified as the assessee had sufficiently proven the genuineness of the transactions, and the Assessing Officer failed to conduct a proper inquiry or provide procedural fairness. en-us Wed, 15 Feb 2023 00:00:00 +0530 Fri, 17 Feb 2023 09:11:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434126 The Tribunal ruled in favor of the assessee, finding the reopening of the assessment invalid due to lack of independent verification and reliance on vague information. Additionally, the Tribunal held that the addition of Rs. 3,00,00,000/- under Section 68 as unexplained loans was not justified as the assessee had sufficiently proven the genuineness of the transactions, and the Assessing Officer failed to conduct a proper inquiry or provide procedural fairness. Case-Laws Income Tax Wed, 15 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434126