https://www.taxtmi.com/caselaws?id=438633 The Tribunal declared the reassessment notice under Section 148 of the Income Tax Act invalid as it was based on incorrect information and lacked proper application of mind. The reassessment was deemed impermissible due to being grounded on a change of opinion rather than new evidence. Additionally, the Tribunal ruled the addition of Rs. 17,40,120/- under Section 68 unlawful, citing a lack of supporting documentation and failure to establish a clear link to the assessee's transactions. Consequently, the Tribunal allowed the appeal, invalidating the reassessment and deleting the aforementioned addition. en-us Tue, 16 May 2023 00:00:00 +0530 Tue, 06 Jun 2023 08:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438633 The Tribunal declared the reassessment notice under Section 148 of the Income Tax Act invalid as it was based on incorrect information and lacked proper application of mind. The reassessment was deemed impermissible due to being grounded on a change of opinion rather than new evidence. Additionally, the Tribunal ruled the addition of Rs. 17,40,120/- under Section 68 unlawful, citing a lack of supporting documentation and failure to establish a clear link to the assessee's transactions. Consequently, the Tribunal allowed the appeal, invalidating the reassessment and deleting the aforementioned addition. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438633