https://www.taxtmi.com/caselaws?id=195328 The Tribunal upheld the validity of the reopening proceedings under sections 147/148, stating that the reasons recorded were based on a prima facie view that taxable income had escaped assessment. The Tribunal also upheld the deletion of the addition of unexplained share capital and share premium under section 68, as the assessee had established the identity and creditworthiness of the investor companies and the genuineness of the transactions. Both the assessee's cross objection and the Revenue's appeal were dismissed. en-us Fri, 18 Aug 2017 00:00:00 +0530 Tue, 26 Dec 2017 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195328 The Tribunal upheld the validity of the reopening proceedings under sections 147/148, stating that the reasons recorded were based on a prima facie view that taxable income had escaped assessment. The Tribunal also upheld the deletion of the addition of unexplained share capital and share premium under section 68, as the assessee had established the identity and creditworthiness of the investor companies and the genuineness of the transactions. Both the assessee's cross objection and the Revenue's appeal were dismissed. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195328