https://www.taxtmi.com/caselaws?id=441233 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order that the reopening of the case under Section 148 was invalid as it was based on suspicion rather than tangible material. Additionally, the Tribunal upheld the deletion of the Rs. 17.95 crores addition under Section 68, noting the lack of concrete evidence from the AO to prove the amounts were accommodation entries. The Tribunal emphasized the importance of independent verification and tangible material for making additions and reopening assessments. en-us Thu, 16 Mar 2023 00:00:00 +0530 Fri, 04 Aug 2023 07:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441233 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order that the reopening of the case under Section 148 was invalid as it was based on suspicion rather than tangible material. Additionally, the Tribunal upheld the deletion of the Rs. 17.95 crores addition under Section 68, noting the lack of concrete evidence from the AO to prove the amounts were accommodation entries. The Tribunal emphasized the importance of independent verification and tangible material for making additions and reopening assessments. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441233