The Tribunal held that there was no new material and the Assessing Officer failed to bring any evidence on record to show that amounts borrowed were bogus and not for business. Reassessment was quashed. (AY. 2011-12)
Sanjit Jitendranath Biswas v. ITO (2022)97 ITR 14 (SN) (Surat) (Trib)
S. 147 : Reassessment-No new material-Cash credits-Income from undisclosed source-Assessee borrowed money from friends and relatives-No evidence to show the receipts as bogus-Reassessment was quashed. [S.68, 148]