https://www.taxtmi.com/caselaws?id=181886 The Tribunal upheld the deletion of an addition of Rs. 1,18,50,000 as share application money, finding that the assessee had provided sufficient evidence to establish the genuineness of the transactions. The Tribunal emphasized the importance of establishing shareholder identity. Additionally, the Tribunal upheld the validity of the assessment reopening under Section 147/148, stating that the AO had reasonable grounds to believe in income escapement. Both the Revenue's appeal and the assessee's cross-objection were dismissed, highlighting the need for due process in assessments. en-us Fri, 14 May 2010 00:00:00 +0530 Tue, 26 Apr 2016 18:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181886 The Tribunal upheld the deletion of an addition of Rs. 1,18,50,000 as share application money, finding that the assessee had provided sufficient evidence to establish the genuineness of the transactions. The Tribunal emphasized the importance of establishing shareholder identity. Additionally, the Tribunal upheld the validity of the assessment reopening under Section 147/148, stating that the AO had reasonable grounds to believe in income escapement. Both the Revenue's appeal and the assessee's cross-objection were dismissed, highlighting the need for due process in assessments. Case-Laws Income Tax Fri, 14 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181886