https://www.taxtmi.com/caselaws?id=443357 The appeal of the assessee, Om Developers, was allowed by the Tribunal. The reopening of the assessment under section 147 of the Income-tax Act, 1961 was quashed, and the addition of Rs. 5,94,96,000 as undisclosed income was set aside. The Tribunal found that the reasons for reopening did not meet the requirements as there was no failure to disclose material facts by the assessee. It was also established that the cash component was taxable in the hands of another entity, not Om Developers. en-us Mon, 18 Sep 2023 00:00:00 +0530 Thu, 21 Sep 2023 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443357 The appeal of the assessee, Om Developers, was allowed by the Tribunal. The reopening of the assessment under section 147 of the Income-tax Act, 1961 was quashed, and the addition of Rs. 5,94,96,000 as undisclosed income was set aside. The Tribunal found that the reasons for reopening did not meet the requirements as there was no failure to disclose material facts by the assessee. It was also established that the cash component was taxable in the hands of another entity, not Om Developers. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443357