https://www.taxtmi.com/caselaws?id=373516 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings initiated by the AO under section 148 of the Income Tax Act, citing lack of specific evidence. Additionally, the Tribunal agreed with the CIT(A) in deleting the additions of Rs. 4 crores and Rs. 35 lakhs as unexplained share application money, finding that the assessee had provided credible documentation to support the transactions' genuineness. The Tribunal also dismissed the addition of Rs. 1.75 lakhs as estimated unexplained expenditure, stating it lacked evidentiary support. Ultimately, the Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal and affirming the CIT(A)'s decisions. en-us Thu, 10 Jan 2019 00:00:00 +0530 Tue, 15 Jan 2019 11:21:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373516 The Tribunal upheld the CIT(A)'s decision to quash the reassessment proceedings initiated by the AO under section 148 of the Income Tax Act, citing lack of specific evidence. Additionally, the Tribunal agreed with the CIT(A) in deleting the additions of Rs. 4 crores and Rs. 35 lakhs as unexplained share application money, finding that the assessee had provided credible documentation to support the transactions' genuineness. The Tribunal also dismissed the addition of Rs. 1.75 lakhs as estimated unexplained expenditure, stating it lacked evidentiary support. Ultimately, the Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal and affirming the CIT(A)'s decisions. Case-Laws Income Tax Thu, 10 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373516