https://www.taxtmi.com/caselaws?id=458753 ITAT Jaipur upheld the reopening of assessment under section 148 based on information from Investigation wing regarding bogus loan claims, ruling that tangible material facts were sufficient to form belief that income escaped assessment without requiring proof beyond reasonable doubt. However, the tribunal allowed the assessee's appeal regarding section 68 addition for unsecured loans, finding that identity, creditworthiness, and genuineness of transactions were adequately proved, thereby deleting the disallowance made by lower authorities. en-us Mon, 10 Oct 2022 00:00:00 +0530 Thu, 14 Nov 2024 19:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458753 ITAT Jaipur upheld the reopening of assessment under section 148 based on information from Investigation wing regarding bogus loan claims, ruling that tangible material facts were sufficient to form belief that income escaped assessment without requiring proof beyond reasonable doubt. However, the tribunal allowed the assessee's appeal regarding section 68 addition for unsecured loans, finding that identity, creditworthiness, and genuineness of transactions were adequately proved, thereby deleting the disallowance made by lower authorities. Case-Laws Income Tax Mon, 10 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458753