https://www.taxtmi.com/caselaws?id=440657 The Tribunal allowed the appeal of the assessee, holding that the reopening of the assessment under sections 147/148 of the Income Tax Act was not justified as there was no fresh tangible material to support it. Additionally, the Tribunal found that the addition of Rs. 5.81 crores to the income of the assessee was not justified, as the expenses claimed were genuine business expenses and had no impact on the profit and loss account for the relevant assessment year. The Tribunal emphasized the importance of providing opportunities for cross-examination and the necessity of tangible material to support reopening and additions. en-us Wed, 19 Jul 2023 00:00:00 +0530 Sun, 23 Jul 2023 22:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440657 The Tribunal allowed the appeal of the assessee, holding that the reopening of the assessment under sections 147/148 of the Income Tax Act was not justified as there was no fresh tangible material to support it. Additionally, the Tribunal found that the addition of Rs. 5.81 crores to the income of the assessee was not justified, as the expenses claimed were genuine business expenses and had no impact on the profit and loss account for the relevant assessment year. The Tribunal emphasized the importance of providing opportunities for cross-examination and the necessity of tangible material to support reopening and additions. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440657