https://www.taxtmi.com/caselaws?id=197133 The Tribunal upheld the validity of the initiation of reopening proceedings under Section 147/148 of the Income Tax Act, finding that the reasons for reopening were based on a prima facie view that taxable income had escaped assessment. The Tribunal also upheld the deletion of the addition of Rs. 5,50,00,000/- on account of unexplained share capital and share premium, as the assessee had sufficiently established the identity and creditworthiness of the investor companies and the genuineness of the transactions. Both the cross-objection by the assessee and the appeal by the Revenue were dismissed. en-us Fri, 18 Aug 2017 00:00:00 +0530 Thu, 28 Dec 2017 07:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197133 The Tribunal upheld the validity of the initiation of reopening proceedings under Section 147/148 of the Income Tax Act, finding that the reasons for reopening were based on a prima facie view that taxable income had escaped assessment. The Tribunal also upheld the deletion of the addition of Rs. 5,50,00,000/- on account of unexplained share capital and share premium, as the assessee had sufficiently established the identity and creditworthiness of the investor companies and the genuineness of the transactions. Both the cross-objection by the assessee and the appeal by the Revenue were dismissed. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197133