https://www.taxtmi.com/caselaws?id=184944 The Tribunal upheld the validity of the reassessment proceedings initiated under Section 147/148 of the Income Tax Act, 1961, finding that the Assessing Officer had independently applied his mind based on specific information indicating income escapement. However, the addition of Rs. 34,50,000 on account of share application money under Section 68 was deleted. The Tribunal held that the Assessee had sufficiently proven the genuineness of the transactions, shifting the onus to the AO, who failed to conduct further inquiries before making the addition. en-us Fri, 14 Oct 2011 00:00:00 +0530 Tue, 26 Sep 2017 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184944 The Tribunal upheld the validity of the reassessment proceedings initiated under Section 147/148 of the Income Tax Act, 1961, finding that the Assessing Officer had independently applied his mind based on specific information indicating income escapement. However, the addition of Rs. 34,50,000 on account of share application money under Section 68 was deleted. The Tribunal held that the Assessee had sufficiently proven the genuineness of the transactions, shifting the onus to the AO, who failed to conduct further inquiries before making the addition. Case-Laws Income Tax Fri, 14 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184944