ITAT held that reassessment proceedings under section 147 were...

ITAT held that reassessment proceedings under section 147 were legally sustainable, focusing on share issue expenses. Despite the assessee's submission of comprehensive evidence including subscriber confirmations, ITR acknowledgments, audited financials, bank statements, and MCA portal data, the tax authorities could not conclusively challenge the transaction's authenticity. The tribunal noted that notices under section 133(6) were complied with by shareholders, and no substantive defects were identified. Consequently, the appellate tribunal allowed the assessee's appeal, ruling that additions cannot be made without specific investigative findings or evidence of transactional irregularities.