https://www.taxtmi.com/caselaws?id=755362 ITAT Kolkata held that reassessment proceedings were invalid as AO lacked sufficient material to form reasonable belief that income escaped assessment. The reopening was based merely on investigation wing information without proper grounds. Regarding addition under section 68 for alleged bogus unsecured loans, the tribunal found that assessee provided adequate documentation proving creditor's identity, creditworthiness, and transaction genuineness. The creditor responded to section 133(6) notice confirming the loan. Significantly, the creditor's assessment order showed no additions for unaccounted money, establishing creditworthiness. The tribunal deleted the addition, ruling that both reassessment and substantive additions were unwarranted. en-us Mon, 08 Jul 2024 00:00:00 +0530 Thu, 11 Jul 2024 08:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755362 ITAT Kolkata held that reassessment proceedings were invalid as AO lacked sufficient material to form reasonable belief that income escaped assessment. The reopening was based merely on investigation wing information without proper grounds. Regarding addition under section 68 for alleged bogus unsecured loans, the tribunal found that assessee provided adequate documentation proving creditor's identity, creditworthiness, and transaction genuineness. The creditor responded to section 133(6) notice confirming the loan. Significantly, the creditor's assessment order showed no additions for unaccounted money, establishing creditworthiness. The tribunal deleted the addition, ruling that both reassessment and substantive additions were unwarranted. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755362