https://www.taxtmi.com/caselaws?id=439552 For AY 1997-98, the Tribunal ruled in favor of the assessee, deleting the addition of Rs. 16.47 Lacs under Sec. 68 of the Act. The lender's confirmation and sworn statement shifted the burden to verify the lender's financial capacity to the revenue, ultimately leading to the deletion of the addition. In AY 2001-02, the Tribunal invalidated the reassessment proceedings and quashed the addition of Rs. 18.17 Lacs, citing lack of new tangible material justifying the reopening. Both appeals were allowed, aligning with Supreme Court principles, and the judgment was pronounced on 23rd June 2023 by the Tribunal. 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 For AY 1997-98, the Tribunal ruled in favor of the assessee, deleting the addition of Rs. 16.47 Lacs under Sec. 68 of the Act. The lender's confirmation and sworn statement shifted the burden to verify the lender's financial capacity to the revenue, ultimately leading to the deletion of the addition. In AY 2001-02, the Tribunal invalidated the reassessment proceedings and quashed the addition of Rs. 18.17 Lacs, citing lack of new tangible material justifying the reopening. Both appeals were allowed, aligning with Supreme Court principles, and the judgment was pronounced on 23rd June 2023 by the Tribunal. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439552