https://www.taxtmi.com/caselaws?id=55271 The Tribunal upheld the validity of reassessment proceedings under section 147, dismissing the assessees' challenge. It found that subsequent reliable information revealed the commission payments claimed were bogus. The Tribunal cited case laws supporting the reopening of assessments based on new information. The disallowance of commission payments totaling Rs. 19,91,230 and Rs. 12,01,958 was upheld due to lack of genuineness, supported by evidence including admissions of hawala entries and fabricated transactions. The Tribunal emphasized the assessees' failure to disprove the evidence and upheld the decision based on relevant judicial precedents. en-us Mon, 31 May 1999 00:00:00 +0530 Thu, 25 Nov 2010 10:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55271 The Tribunal upheld the validity of reassessment proceedings under section 147, dismissing the assessees' challenge. It found that subsequent reliable information revealed the commission payments claimed were bogus. The Tribunal cited case laws supporting the reopening of assessments based on new information. The disallowance of commission payments totaling Rs. 19,91,230 and Rs. 12,01,958 was upheld due to lack of genuineness, supported by evidence including admissions of hawala entries and fabricated transactions. The Tribunal emphasized the assessees' failure to disprove the evidence and upheld the decision based on relevant judicial precedents. Case-Laws Income Tax Mon, 31 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55271