https://www.taxtmi.com/caselaws?id=363772 The Tribunal quashed the reassessment order, deeming the initiation of proceedings under sections 147/148 as bad in law due to lack of independent verification by the Assessing Officer. The addition of Rs. 30,50,000 under section 68 was deleted as the assessee provided sufficient evidence, shifting the burden of proof to the Revenue. The addition of Rs. 30,500 under section 69C was also deleted since the related addition under section 68 was not sustained. The deletion of Rs. 62,62,000 by the CIT(A) was upheld, and the Revenue's appeal was dismissed. The Tribunal emphasized the importance of independent verification and dismissed the Revenue's claim regarding high premium paid for shares due to lack of material evidence. en-us Fri, 06 Jul 2018 00:00:00 +0530 Wed, 18 Jul 2018 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363772 The Tribunal quashed the reassessment order, deeming the initiation of proceedings under sections 147/148 as bad in law due to lack of independent verification by the Assessing Officer. The addition of Rs. 30,50,000 under section 68 was deleted as the assessee provided sufficient evidence, shifting the burden of proof to the Revenue. The addition of Rs. 30,500 under section 69C was also deleted since the related addition under section 68 was not sustained. The deletion of Rs. 62,62,000 by the CIT(A) was upheld, and the Revenue's appeal was dismissed. The Tribunal emphasized the importance of independent verification and dismissed the Revenue's claim regarding high premium paid for shares due to lack of material evidence. Case-Laws Income Tax Fri, 06 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363772