https://www.taxtmi.com/caselaws?id=178123 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 17,50,000 on account of unexplained share capital. It found that the AO had not conducted proper inquiries and had relied solely on information without independent verification. Additionally, the Tribunal deemed the proceedings initiated under section 147 invalid as there was no concrete evidence to suggest income escaping assessment. The Tribunal dismissed the revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s order. en-us Fri, 13 Aug 2010 00:00:00 +0530 Wed, 25 Mar 2026 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178123 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 17,50,000 on account of unexplained share capital. It found that the AO had not conducted proper inquiries and had relied solely on information without independent verification. Additionally, the Tribunal deemed the proceedings initiated under section 147 invalid as there was no concrete evidence to suggest income escaping assessment. The Tribunal dismissed the revenue's appeal and the assessee's cross-objection, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178123