https://www.taxtmi.com/caselaws?id=388255 The Tribunal quashed the reassessment made by the Assessing Officer due to lack of jurisdiction under section 147 of the Income Tax Act. The reasons recorded for reopening the assessment were found to be flawed, demonstrating a lack of application of mind. Consequently, the addition of share capital under section 68 was deemed unsustainable, and the charging of interest under sections 234A, 234B, and 234D was set aside. The Tribunal allowed the assessee's appeal on all grounds due to jurisdictional defects in the reassessment process. en-us Thu, 19 Sep 2019 00:00:00 +0530 Tue, 12 Nov 2019 07:21:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388255 The Tribunal quashed the reassessment made by the Assessing Officer due to lack of jurisdiction under section 147 of the Income Tax Act. The reasons recorded for reopening the assessment were found to be flawed, demonstrating a lack of application of mind. Consequently, the addition of share capital under section 68 was deemed unsustainable, and the charging of interest under sections 234A, 234B, and 234D was set aside. The Tribunal allowed the assessee's appeal on all grounds due to jurisdictional defects in the reassessment process. Case-Laws Income Tax Thu, 19 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388255