https://www.taxtmi.com/caselaws?id=342893 The Tribunal invalidated the initiation of proceedings under Section 147 of the Income Tax Act, 1961, due to vague reasons lacking specific evidence. It held that the CIT could not revise an order under Section 263 if the original assessment was null and void. For the assessment year 2009-10, inadequate inquiries into share capital and premium led to upholding the CIT's order. The Tribunal emphasized the necessity to examine high share premiums under Section 68, affirming the CIT's intervention for the mentioned assessment year. en-us Wed, 05 Apr 2017 00:00:00 +0530 Mon, 15 May 2017 05:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342893 The Tribunal invalidated the initiation of proceedings under Section 147 of the Income Tax Act, 1961, due to vague reasons lacking specific evidence. It held that the CIT could not revise an order under Section 263 if the original assessment was null and void. For the assessment year 2009-10, inadequate inquiries into share capital and premium led to upholding the CIT's order. The Tribunal emphasized the necessity to examine high share premiums under Section 68, affirming the CIT's intervention for the mentioned assessment year. Case-Laws Income Tax Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342893