https://www.taxtmi.com/caselaws?id=249677 The Tribunal upheld the reopening of the assessment under Section 148 read with Section 147 of the Income Tax Act, 1961, but dismissed the addition of Rs. 4,00,000 on account of share application money received under Section 68. The appellant successfully challenged the addition as the Assessing Officer failed to provide concrete evidence linking the transactions to untraceable entities, emphasizing the necessity for thorough investigations to support such additions. The Tribunal emphasized the burden on the Assessing Officer to establish the escape of income, which was not adequately discharged in this case. en-us Fri, 23 May 2014 00:00:00 +0530 Mon, 21 Jul 2014 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249677 The Tribunal upheld the reopening of the assessment under Section 148 read with Section 147 of the Income Tax Act, 1961, but dismissed the addition of Rs. 4,00,000 on account of share application money received under Section 68. The appellant successfully challenged the addition as the Assessing Officer failed to provide concrete evidence linking the transactions to untraceable entities, emphasizing the necessity for thorough investigations to support such additions. The Tribunal emphasized the burden on the Assessing Officer to establish the escape of income, which was not adequately discharged in this case. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249677