https://www.taxtmi.com/caselaws?id=384369 The Tribunal invalidated the reopening of assessments as the Assessing Officer lacked an independent belief and relied on information from the Central Bureau of Investigation without establishing a direct link to income escapement. Regarding the addition of share application money and share premium receipts, the Tribunal found the assessees had adequately substantiated the share premiums, and the Assessing Officer's reasons for additions lacked supporting material. Consequently, the Tribunal ruled in favor of the assessees, deleting the additions and allowing their appeals. en-us Fri, 02 Aug 2019 00:00:00 +0530 Mon, 09 Sep 2019 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384369 The Tribunal invalidated the reopening of assessments as the Assessing Officer lacked an independent belief and relied on information from the Central Bureau of Investigation without establishing a direct link to income escapement. Regarding the addition of share application money and share premium receipts, the Tribunal found the assessees had adequately substantiated the share premiums, and the Assessing Officer's reasons for additions lacked supporting material. Consequently, the Tribunal ruled in favor of the assessees, deleting the additions and allowing their appeals. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384369