https://www.taxtmi.com/caselaws?id=766913 The ITAT Kolkata quashed the reopening of assessment under section 147 where the AO had made additions under section 68. The assessee had filed all loan details during original assessment proceedings, and the loan creditor had responded to notices under section 133(6) acknowledging the unsecured loan. The AO's reasons for reopening failed to establish how the assessee failed to disclose material facts resulting in income escapement. Following the SC precedent in CEAT Ltd., the tribunal allowed the assessee's appeal and quashed the reopening proceedings. en-us Tue, 04 Mar 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766913 The ITAT Kolkata quashed the reopening of assessment under section 147 where the AO had made additions under section 68. The assessee had filed all loan details during original assessment proceedings, and the loan creditor had responded to notices under section 133(6) acknowledging the unsecured loan. The AO's reasons for reopening failed to establish how the assessee failed to disclose material facts resulting in income escapement. Following the SC precedent in CEAT Ltd., the tribunal allowed the assessee's appeal and quashed the reopening proceedings. Case-Laws Income Tax Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766913