https://www.taxtmi.com/caselaws?id=439552 An addition under section 68 for an alleged unexplained loan was unsustainable where the assessee proved the lender's identity, filed confirmation, showed banking-channel transfer, and the lender admitted the transaction; the Revenue, without cogent material showing that the assessee's own unexplained money had been routed back or rebutting creditworthiness and genuineness, could not sustain the addition. Reassessment for the later year was also invalid because it was based on the same material already examined in the original section 143(3) assessment and no fresh tangible material had emerged; reopening on that basis amounted to a mere change of opinion and was quashed. en-us Fri, 23 Jun 2023 00:00:00 +0530 Tue, 27 Jun 2023 08:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439552 An addition under section 68 for an alleged unexplained loan was unsustainable where the assessee proved the lender's identity, filed confirmation, showed banking-channel transfer, and the lender admitted the transaction; the Revenue, without cogent material showing that the assessee's own unexplained money had been routed back or rebutting creditworthiness and genuineness, could not sustain the addition. Reassessment for the later year was also invalid because it was based on the same material already examined in the original section 143(3) assessment and no fresh tangible material had emerged; reopening on that basis amounted to a mere change of opinion and was quashed. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439552