https://www.taxtmi.com/caselaws?id=378254 The Tribunal quashed the reopening of assessments under Section 147/148 in both cases, citing vague and legally insufficient reasons recorded by the Assessing Officer. The additions made on unexplained credit/share capital were deleted due to the invalidity of the reassessment proceedings. The Tribunal emphasized the necessity for the AO to independently assess and provide accurate reasons for reopening assessments, highlighting the importance of proper application of mind in such proceedings. en-us Mon, 08 Apr 2019 00:00:00 +0530 Thu, 11 Apr 2019 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378254 The Tribunal quashed the reopening of assessments under Section 147/148 in both cases, citing vague and legally insufficient reasons recorded by the Assessing Officer. The additions made on unexplained credit/share capital were deleted due to the invalidity of the reassessment proceedings. The Tribunal emphasized the necessity for the AO to independently assess and provide accurate reasons for reopening assessments, highlighting the importance of proper application of mind in such proceedings. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378254