https://www.taxtmi.com/caselaws?id=378111 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeals and allowing the assessee's cross-objections. The reassessment proceedings were deemed invalid due to various procedural irregularities, including the failure to issue a notice under Section 143(2) within the specified period and the mechanical approval for issuing notice under Section 148. The addition under Section 68 was deleted as the assessee had sufficiently proven the legitimacy of the share capital transactions. Additionally, interest under Section 234B was directed to be recalculated based on the returned income. en-us Mon, 01 Apr 2019 00:00:00 +0530 Mon, 08 Apr 2019 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378111 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeals and allowing the assessee's cross-objections. The reassessment proceedings were deemed invalid due to various procedural irregularities, including the failure to issue a notice under Section 143(2) within the specified period and the mechanical approval for issuing notice under Section 148. The addition under Section 68 was deleted as the assessee had sufficiently proven the legitimacy of the share capital transactions. Additionally, interest under Section 234B was directed to be recalculated based on the returned income. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378111