https://www.taxtmi.com/caselaws?id=464182 Reassessment was upheld where the Assessing Officer relied on tangible material from the investigation wing, bank records and the assessee's statement, formed reasons to believe that income had escaped assessment, and obtained sanction from the Principal Commissioner; the Tribunal found no borrowed satisfaction or mechanical approval, and rejected the section 153A objection. The addition under section 68 was also sustained because the assessee was linked to the bank accounts through KYC and account-opening material but failed to satisfactorily explain the nature and source of the credits. The assessment therefore remained undisturbed. en-us Tue, 04 Jan 2022 00:00:00 +0530 Mon, 06 Oct 2025 17:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464182 Reassessment was upheld where the Assessing Officer relied on tangible material from the investigation wing, bank records and the assessee's statement, formed reasons to believe that income had escaped assessment, and obtained sanction from the Principal Commissioner; the Tribunal found no borrowed satisfaction or mechanical approval, and rejected the section 153A objection. The addition under section 68 was also sustained because the assessee was linked to the bank accounts through KYC and account-opening material but failed to satisfactorily explain the nature and source of the credits. The assessment therefore remained undisturbed. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464182