https://www.taxtmi.com/caselaws?id=57504 The ITAT upheld the validity of the reassessment proceedings initiated by the Assessing Officer under section 147(b) based on information received from the ADI, Madras, regarding doubts on the genuineness of a loan transaction. The ITAT found that the Assessing Officer had applied independent reasoning in initiating the reassessment, in accordance with legal standards established in relevant case law. Consequently, the ITAT affirmed the CIT (A)'s decision, ruling against the assessee and dismissing the appeal. en-us Thu, 21 Sep 1995 00:00:00 +0530 Fri, 10 Dec 2010 15:17:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57504 The ITAT upheld the validity of the reassessment proceedings initiated by the Assessing Officer under section 147(b) based on information received from the ADI, Madras, regarding doubts on the genuineness of a loan transaction. The ITAT found that the Assessing Officer had applied independent reasoning in initiating the reassessment, in accordance with legal standards established in relevant case law. Consequently, the ITAT affirmed the CIT (A)'s decision, ruling against the assessee and dismissing the appeal. Case-Laws Income Tax Thu, 21 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57504