https://www.taxtmi.com/caselaws?id=754524 ITAT Mumbai quashed reassessment proceedings u/s 147 initiated based on information that assessee received cash loans from documents seized during search at another entity. The tribunal held that cash loans cannot be treated as income unless conditions under Section 68 are satisfied. Since the AO accepted the cash loans as genuine and made no addition under Section 68, the basis for reopening was vitiated. The reasons recorded for reassessment were quashed and all additions made by AO were deleted. Appeal decided in favor of assessee. en-us Wed, 28 Feb 2024 00:00:00 +0530 Tue, 25 Jun 2024 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754524 ITAT Mumbai quashed reassessment proceedings u/s 147 initiated based on information that assessee received cash loans from documents seized during search at another entity. The tribunal held that cash loans cannot be treated as income unless conditions under Section 68 are satisfied. Since the AO accepted the cash loans as genuine and made no addition under Section 68, the basis for reopening was vitiated. The reasons recorded for reassessment were quashed and all additions made by AO were deleted. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754524