https://www.taxtmi.com/caselaws?id=272619 The Tribunal held that the AO's failure to independently assess and verify information led to the quashing of the reassessment order u/s 147/143(3). The addition of share capital as bogus u/s 68 was deemed unwarranted as the Tribunal found evidence establishing the genuineness of the transaction. The alleged commission expenses on raising share capital were also disallowed due to the invalid assessment process. The judgment emphasized the importance of independent verification by the AO and the necessity of providing concrete evidence to substantiate transactions in income tax assessments. en-us Wed, 21 May 2014 00:00:00 +0530 Thu, 10 May 2018 05:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272619 The Tribunal held that the AO's failure to independently assess and verify information led to the quashing of the reassessment order u/s 147/143(3). The addition of share capital as bogus u/s 68 was deemed unwarranted as the Tribunal found evidence establishing the genuineness of the transaction. The alleged commission expenses on raising share capital were also disallowed due to the invalid assessment process. The judgment emphasized the importance of independent verification by the AO and the necessity of providing concrete evidence to substantiate transactions in income tax assessments. Case-Laws Income Tax Wed, 21 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272619