https://www.taxtmi.com/caselaws?id=444801 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) for the assessment year 2012-13, dismissing the Revenue's appeal. The Tribunal agreed with the Commissioner (Appeals) that the reopening of the assessment under Section 147 was invalid due to a lack of independent inquiry and proper application of mind. Additionally, the Tribunal concurred that the credit entries in the bank account were adequately disclosed and explained by the assessee, and thus could not be treated as unexplained cash credit under Section 68, resulting in the deletion of the addition. en-us Mon, 16 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444801 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) for the assessment year 2012-13, dismissing the Revenue's appeal. The Tribunal agreed with the Commissioner (Appeals) that the reopening of the assessment under Section 147 was invalid due to a lack of independent inquiry and proper application of mind. Additionally, the Tribunal concurred that the credit entries in the bank account were adequately disclosed and explained by the assessee, and thus could not be treated as unexplained cash credit under Section 68, resulting in the deletion of the addition. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444801