https://www.taxtmi.com/caselaws?id=209810 HC held the share sale and purchase were bogus, treated proceeds as income from undisclosed sources and decided against the assessee. The court upheld reassessment and additions, finding the reopening valid under Explanation 3 to section 147 (retrospectively effective from 1-4-1989), which permits the AO to make additions arising during reassessment even if not specified in the reasons for initiating proceedings. The assessee's challenge to the reopening and additions was rejected. en-us Tue, 05 Apr 2011 00:00:00 +0530 Mon, 16 Mar 2026 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209810 HC held the share sale and purchase were bogus, treated proceeds as income from undisclosed sources and decided against the assessee. The court upheld reassessment and additions, finding the reopening valid under Explanation 3 to section 147 (retrospectively effective from 1-4-1989), which permits the AO to make additions arising during reassessment even if not specified in the reasons for initiating proceedings. The assessee's challenge to the reopening and additions was rejected. Case-Laws Income Tax Tue, 05 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209810