https://www.taxtmi.com/caselaws?id=381395 The Tribunal upheld the validity of the reassessment proceedings under Section 147/148 of the Income Tax Act, finding that the Assessing Officer had applied his mind before issuing the notice. Regarding the addition of Rs. 30,00,000 under Section 68 for share capital, the Tribunal directed a fresh adjudication by the AO to substantiate the genuineness of the transaction and the creditworthiness of the share applicants. The issue of the Rs. 60,000 addition under Section 69C was not separately addressed but would be reconsidered along with the main issue. The Tribunal remanded the matter back to the AO for further proceedings, emphasizing compliance with recent judicial pronouncements. en-us Fri, 07 Jun 2019 00:00:00 +0530 Mon, 10 Jun 2019 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381395 The Tribunal upheld the validity of the reassessment proceedings under Section 147/148 of the Income Tax Act, finding that the Assessing Officer had applied his mind before issuing the notice. Regarding the addition of Rs. 30,00,000 under Section 68 for share capital, the Tribunal directed a fresh adjudication by the AO to substantiate the genuineness of the transaction and the creditworthiness of the share applicants. The issue of the Rs. 60,000 addition under Section 69C was not separately addressed but would be reconsidered along with the main issue. The Tribunal remanded the matter back to the AO for further proceedings, emphasizing compliance with recent judicial pronouncements. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381395