https://www.taxtmi.com/caselaws?id=279181 The High Court upheld the decision of the ITAT and CIT(A) to delete amounts brought to tax by the AO for AY 2008-09. The AO's reopening of assessment under Section 147 was based on post-search information from a third party. The CIT(A) found the tax amount unjustified, noting lack of inquiry by the AO. The ITAT affirmed this, rejecting revenue's objections. The Court emphasized the appellant's submission of documents to establish shareholder identity and fund source. It clarified multiple companies at one address are permissible. As no unaccounted funds were found, the appeal was dismissed for lack of substantial legal question. en-us Mon, 26 Feb 2018 00:00:00 +0530 Thu, 07 Mar 2019 06:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279181 The High Court upheld the decision of the ITAT and CIT(A) to delete amounts brought to tax by the AO for AY 2008-09. The AO's reopening of assessment under Section 147 was based on post-search information from a third party. The CIT(A) found the tax amount unjustified, noting lack of inquiry by the AO. The ITAT affirmed this, rejecting revenue's objections. The Court emphasized the appellant's submission of documents to establish shareholder identity and fund source. It clarified multiple companies at one address are permissible. As no unaccounted funds were found, the appeal was dismissed for lack of substantial legal question. Case-Laws Income Tax Mon, 26 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279181