https://www.taxtmi.com/highlights?id=79324 Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers of assessing officer to reopen wide but not plenary - "reason to believe" required, not mere "reason to suspect". Belief must be of honest, reasonable person based on reasonable grounds, not suspicion or rumour. Assessing officer acted without jurisdiction if reason for belief of escaped income non-existent or irrelevant. Assessee furnished sufficient documents proving identity, creditworthiness of creditors, genuineness of transactions. Creditor's assessment order accepted creditworthiness. Hence, addition u/s 68 unwarranted. en-us Thu, 11 Jul 2024 08:37:37 +0530 Thu, 11 Jul 2024 08:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79324 Reopening of assessment - Addition u/s 68 - unsecured loans treated as bogus - reassessment merely based on information from investigation wing held unjustified. Powers of assessing officer to reopen wide but not plenary - "reason to believe" required, not mere "reason to suspect". Belief must be of honest, reasonable person based on reasonable grounds, not suspicion or rumour. Assessing officer acted without jurisdiction if reason for belief of escaped income non-existent or irrelevant. Assessee furnished sufficient documents proving identity, creditworthiness of creditors, genuineness of transactions. Creditor's assessment order accepted creditworthiness. Hence, addition u/s 68 unwarranted. Highlights Income Tax Thu, 11 Jul 2024 08:37:37 +0530 https://www.taxtmi.com/highlights?id=79324