https://www.taxtmi.com/caselaws?id=341644 The court dismissed the appeal, upholding the validity of the reassessment under Section 147/143(3) and the initiation of proceedings under Section 263 of the Income Tax Act, 1961. The reassessment order was deemed prejudicial to the Revenue due to lack of proper inquiries. The court found the addition to income under Section 68 in the first year of incorporation permissible, emphasizing the necessity to determine the source of funds. The service of notice under Section 263 was considered proper, meeting the requirements of natural justice. en-us Thu, 23 Mar 2017 00:00:00 +0530 Sat, 17 Jun 2017 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341644 The court dismissed the appeal, upholding the validity of the reassessment under Section 147/143(3) and the initiation of proceedings under Section 263 of the Income Tax Act, 1961. The reassessment order was deemed prejudicial to the Revenue due to lack of proper inquiries. The court found the addition to income under Section 68 in the first year of incorporation permissible, emphasizing the necessity to determine the source of funds. The service of notice under Section 263 was considered proper, meeting the requirements of natural justice. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341644