https://www.taxtmi.com/caselaws?id=385603 The tribunal quashed the re-opening/re-assessment as non-est, rendering the PCIT's revision under section 263 invalid. The tribunal emphasized that the AO's reasons for re-opening must be based on a concrete belief of income escaping assessment, supported by independent enquiry. The tribunal's decision underscores the importance of thorough and adequate enquiries by the AO in verifying the genuineness of share capital, especially when high premiums and shell companies are involved. en-us Fri, 30 Aug 2019 00:00:00 +0530 Tue, 10 Sep 2019 06:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385603 The tribunal quashed the re-opening/re-assessment as non-est, rendering the PCIT's revision under section 263 invalid. The tribunal emphasized that the AO's reasons for re-opening must be based on a concrete belief of income escaping assessment, supported by independent enquiry. The tribunal's decision underscores the importance of thorough and adequate enquiries by the AO in verifying the genuineness of share capital, especially when high premiums and shell companies are involved. Case-Laws Income Tax Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385603