https://www.taxtmi.com/highlights?id=95127 Reopening was upheld since approval u/s 151 validly relied on recorded "reasons to believe" founded on specific third-party RTGS information indicating alleged bogus purchases/expenses; hence reassessment proceedings were not vitiated. Addition u/s 69 was deleted because s.69 applies only where unrecorded "investments" are found, and alleged bogus purchases recorded in the books do not constitute unrecorded investments; absent any stock/inventory discrepancy or rejection of books, and with no allegation that purchase funding was outside known book sources, the assessee's onus to explain nature and source stood satisfied. Appeal allowed. - ITAT en-us Wed, 17 Dec 2025 16:24:48 +0530 Wed, 17 Dec 2025 16:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95127 Reopening was upheld since approval u/s 151 validly relied on recorded "reasons to believe" founded on specific third-party RTGS information indicating alleged bogus purchases/expenses; hence reassessment proceedings were not vitiated. Addition u/s 69 was deleted because s.69 applies only where unrecorded "investments" are found, and alleged bogus purchases recorded in the books do not constitute unrecorded investments; absent any stock/inventory discrepancy or rejection of books, and with no allegation that purchase funding was outside known book sources, the assessee's onus to explain nature and source stood satisfied. Appeal allowed. - ITAT Highlights Income Tax Wed, 17 Dec 2025 16:24:48 +0530 https://www.taxtmi.com/highlights?id=95127