https://www.taxtmi.com/caselaws?id=384250 The Tribunal allowed the appeal, ruling that the reassessment proceedings under section 148 were invalid as the reasons were based on suspicion, not tangible material. Additionally, the addition made under Section 56(2)(viia) was deemed unjustified as the shares were transferred before the provision's effective date. The Tribunal stressed that reasons for reopening assessments must be grounded in concrete evidence, not mere suspicion. en-us Wed, 10 Jul 2019 00:00:00 +0530 Thu, 08 Aug 2019 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384250 The Tribunal allowed the appeal, ruling that the reassessment proceedings under section 148 were invalid as the reasons were based on suspicion, not tangible material. Additionally, the addition made under Section 56(2)(viia) was deemed unjustified as the shares were transferred before the provision's effective date. The Tribunal stressed that reasons for reopening assessments must be grounded in concrete evidence, not mere suspicion. Case-Laws Income Tax Wed, 10 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384250