https://www.taxtmi.com/caselaws?id=466218 Reassessment was held invalid where, for a year beyond three years under the new regime, approval was taken from the authority under section 151(i) instead of the higher specified authority required by section 151(ii), making the reopening jurisdictionally defective. The addition under section 68 for an alleged unsecured loan was deleted because the assessee showed the source trail through group entities, established that the money had already been taxed in the intermediary concern's hands, and otherwise satisfied identity, genuineness and creditworthiness requirements. The cash-deposit addition was also deleted because bank statements and cash-book entries supported the explanation that the deposit came from earlier withdrawals and available cash-in-hand. en-us Fri, 29 Aug 2025 00:00:00 +0530 Tue, 07 Jul 2026 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466218 Reassessment was held invalid where, for a year beyond three years under the new regime, approval was taken from the authority under section 151(i) instead of the higher specified authority required by section 151(ii), making the reopening jurisdictionally defective. The addition under section 68 for an alleged unsecured loan was deleted because the assessee showed the source trail through group entities, established that the money had already been taxed in the intermediary concern's hands, and otherwise satisfied identity, genuineness and creditworthiness requirements. The cash-deposit addition was also deleted because bank statements and cash-book entries supported the explanation that the deposit came from earlier withdrawals and available cash-in-hand. Case-Laws Income Tax Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466218