https://www.taxtmi.com/caselaws?id=249127 The Tribunal upheld the validity of reopening the assessment under sections 147/148, citing prima facie reasons for income escaping assessment. The treatment of the received amount as share application money was confirmed, with directions to verify the realization date. However, the Tribunal acknowledged the timing discrepancy and instructed verification of the income details. The appeal was partially allowed for further verification, potentially leading to no addition in the current assessment year if substantiated. The matter was remanded for thorough examination, indicating a possibility of adjustment based on verified information. en-us Mon, 23 Jun 2014 00:00:00 +0530 Fri, 04 Jul 2014 20:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249127 The Tribunal upheld the validity of reopening the assessment under sections 147/148, citing prima facie reasons for income escaping assessment. The treatment of the received amount as share application money was confirmed, with directions to verify the realization date. However, the Tribunal acknowledged the timing discrepancy and instructed verification of the income details. The appeal was partially allowed for further verification, potentially leading to no addition in the current assessment year if substantiated. The matter was remanded for thorough examination, indicating a possibility of adjustment based on verified information. Case-Laws Income Tax Mon, 23 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249127