https://www.taxtmi.com/caselaws?id=375569 The Tribunal upheld the Commissioner (Appeals)'s decision invalidating the reopening of assessment under section 147 of the Income Tax Act. The reasons for reopening lacked tangible material to substantiate the belief that income had escaped assessment. Consequently, the entire amount of share application money/share capital/share premium was not treated as unexplained cash credit under section 68, as the primary issue of the validity of reopening was dismissed. The Revenue's appeal was dismissed, and the Cross Objection by the assessee was deemed infructuous. en-us Wed, 26 Sep 2018 00:00:00 +0530 Wed, 20 Feb 2019 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375569 The Tribunal upheld the Commissioner (Appeals)'s decision invalidating the reopening of assessment under section 147 of the Income Tax Act. The reasons for reopening lacked tangible material to substantiate the belief that income had escaped assessment. Consequently, the entire amount of share application money/share capital/share premium was not treated as unexplained cash credit under section 68, as the primary issue of the validity of reopening was dismissed. The Revenue's appeal was dismissed, and the Cross Objection by the assessee was deemed infructuous. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375569