https://www.taxtmi.com/caselaws?id=767613 ITAT Mumbai allowed the assessee's appeal, quashing the reopening notice under Section 148 issued beyond four years. The tribunal found that the assessee had furnished clinching evidence during original assessment proceedings, establishing full disclosure of material facts. The addition under Section 68 was deleted as the assessee proved identity, creditworthiness, and genuineness of transactions. The same transactions were accepted in assessment orders of the concerned companies, making them legitimate. The resultant assessment order was set aside entirely. en-us Wed, 19 Mar 2025 00:00:00 +0530 Fri, 21 Mar 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767613 ITAT Mumbai allowed the assessee's appeal, quashing the reopening notice under Section 148 issued beyond four years. The tribunal found that the assessee had furnished clinching evidence during original assessment proceedings, establishing full disclosure of material facts. The addition under Section 68 was deleted as the assessee proved identity, creditworthiness, and genuineness of transactions. The same transactions were accepted in assessment orders of the concerned companies, making them legitimate. The resultant assessment order was set aside entirely. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767613