https://www.taxtmi.com/caselaws?id=191024 The Tribunal invalidated the reopening of the assessment under Section 147/148 of the Income-tax Act, emphasizing the necessity of recorded reasons for such action. Additionally, the Tribunal dismissed the addition under Section 68, ruling that the evidence provided by the assessee regarding the genuineness of share subscriptions was substantial and that the Assessing Officer's suspicions were not supported by concrete evidence. The Tribunal upheld the assessee's appeals and dismissed the Revenue's appeal, highlighting the importance of proper justification for reopening assessments and the need for substantial evidence in questioning share subscriptions. en-us Tue, 25 May 1999 00:00:00 +0530 Fri, 17 Mar 2017 18:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191024 The Tribunal invalidated the reopening of the assessment under Section 147/148 of the Income-tax Act, emphasizing the necessity of recorded reasons for such action. Additionally, the Tribunal dismissed the addition under Section 68, ruling that the evidence provided by the assessee regarding the genuineness of share subscriptions was substantial and that the Assessing Officer's suspicions were not supported by concrete evidence. The Tribunal upheld the assessee's appeals and dismissed the Revenue's appeal, highlighting the importance of proper justification for reopening assessments and the need for substantial evidence in questioning share subscriptions. Case-Laws Income Tax Tue, 25 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191024