https://www.taxtmi.com/caselaws?id=447806 ITAT Mumbai upheld reassessment proceedings u/s 147 based on information from Investigation Wing, Kolkata regarding circuitous cash deposits through shell companies, finding the information constituted new tangible material for reopening assessment. However, the Tribunal deleted additions u/s 68, ruling that revenue failed to provide cogent material beyond suspicions and conjectures to establish unaccounted money was routed through unsecured loans. Following precedents in similar cases, the assessee had discharged primary onus under section 68. Appeal partly allowed. en-us Mon, 23 Oct 2023 00:00:00 +0530 Thu, 04 Jan 2024 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447806 ITAT Mumbai upheld reassessment proceedings u/s 147 based on information from Investigation Wing, Kolkata regarding circuitous cash deposits through shell companies, finding the information constituted new tangible material for reopening assessment. However, the Tribunal deleted additions u/s 68, ruling that revenue failed to provide cogent material beyond suspicions and conjectures to establish unaccounted money was routed through unsecured loans. Following precedents in similar cases, the assessee had discharged primary onus under section 68. Appeal partly allowed. Case-Laws Income Tax Mon, 23 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447806