https://www.taxtmi.com/caselaws?id=271519 The Tribunal ruled in favor of the assessee, holding that the re-assessment proceedings were void ab initio due to being initiated beyond the four-year limitation period. The Tribunal found that the AO failed to establish that income had escaped assessment as a result of the assessee's failure to disclose material facts. Since the share capital received was properly disclosed in the return of income and books of account previously accepted by the AO, the re-assessment was deemed legally invalid. Consequently, the addition under section 68 was disregarded, and the appeal was allowed in favor of the assessee. en-us Thu, 10 Dec 2015 00:00:00 +0530 Sat, 06 Feb 2016 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271519 The Tribunal ruled in favor of the assessee, holding that the re-assessment proceedings were void ab initio due to being initiated beyond the four-year limitation period. The Tribunal found that the AO failed to establish that income had escaped assessment as a result of the assessee's failure to disclose material facts. Since the share capital received was properly disclosed in the return of income and books of account previously accepted by the AO, the re-assessment was deemed legally invalid. Consequently, the addition under section 68 was disregarded, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 10 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271519