https://www.taxtmi.com/highlights?id=73981 Reopening of assessment u/s 147 - addition u/s 68 - information received from Investigation Wing, Kolkata that the assessee is a beneficiary of circuitous transaction of cash deposits through various layers and bank accounts - it is also well settled that the sufficiency or correctness of the material is not a thing to be considered at the stage of recording the reasons. - Re-assessment proceedings sustained - However, on merits the additions made u/s 68 stands deleted - AT en-us Fri, 05 Jan 2024 08:46:50 +0530 Fri, 05 Jan 2024 08:46:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73981 Reopening of assessment u/s 147 - addition u/s 68 - information received from Investigation Wing, Kolkata that the assessee is a beneficiary of circuitous transaction of cash deposits through various layers and bank accounts - it is also well settled that the sufficiency or correctness of the material is not a thing to be considered at the stage of recording the reasons. - Re-assessment proceedings sustained - However, on merits the additions made u/s 68 stands deleted - AT Highlights Income Tax Fri, 05 Jan 2024 08:46:50 +0530 https://www.taxtmi.com/highlights?id=73981