https://www.taxtmi.com/caselaws?id=377539 The court upheld the validity of the reassessment notice under Sections 147/148 of the Income Tax Act, finding tangible material supporting the belief of income escapement. Addition of share application money as unexplained income under Section 68 was deemed justified due to doubts on transaction genuineness. The court ruled that the reasons for reopening assessment had a rational basis, allowing for the reassessment process to proceed. Consequently, the writ petition was dismissed, permitting the revenue to issue the final reassessment order within two weeks. en-us Wed, 27 Mar 2019 00:00:00 +0530 Mon, 05 Aug 2019 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377539 The court upheld the validity of the reassessment notice under Sections 147/148 of the Income Tax Act, finding tangible material supporting the belief of income escapement. Addition of share application money as unexplained income under Section 68 was deemed justified due to doubts on transaction genuineness. The court ruled that the reasons for reopening assessment had a rational basis, allowing for the reassessment process to proceed. Consequently, the writ petition was dismissed, permitting the revenue to issue the final reassessment order within two weeks. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377539