https://www.taxtmi.com/caselaws?id=334346 The Tribunal upheld the reopening of assessment under Section 148 of the Income Tax Act, citing specific information indicating the assessee's involvement in bogus capital gain entries. Additionally, the Tribunal confirmed the addition of Rs. 33.98 lakhs as income from undisclosed sources, rejecting the genuineness of the share transactions and emphasizing the lack of credible evidence provided by the assessee. The Tribunal dismissed the appeal, affirming the AO and FAA's decisions and highlighting the failure of the assessee to substantiate the legitimacy of the transactions, ultimately leading to the addition of undisclosed income. en-us Wed, 21 Sep 2016 00:00:00 +0530 Thu, 10 Nov 2016 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334346 The Tribunal upheld the reopening of assessment under Section 148 of the Income Tax Act, citing specific information indicating the assessee's involvement in bogus capital gain entries. Additionally, the Tribunal confirmed the addition of Rs. 33.98 lakhs as income from undisclosed sources, rejecting the genuineness of the share transactions and emphasizing the lack of credible evidence provided by the assessee. The Tribunal dismissed the appeal, affirming the AO and FAA's decisions and highlighting the failure of the assessee to substantiate the legitimacy of the transactions, ultimately leading to the addition of undisclosed income. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334346