https://www.taxtmi.com/caselaws?id=395654 The Tribunal held that the reopening of the assessment under Section 147 of the Income Tax Act was invalid due to incorrect facts and figures, lack of approval from the competent authority, and non-application of mind by the Assessing Officer. The Tribunal also found the addition of Rs. 15 lakhs related to the sale of shares under Section 68 to be unjustified, as the amount was already disclosed as income and supported by evidence. Consequently, the Tribunal allowed the appeal in favor of the assessee, declaring both the reopening and the addition invalid. en-us Fri, 29 May 2020 00:00:00 +0530 Wed, 22 Jul 2020 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395654 The Tribunal held that the reopening of the assessment under Section 147 of the Income Tax Act was invalid due to incorrect facts and figures, lack of approval from the competent authority, and non-application of mind by the Assessing Officer. The Tribunal also found the addition of Rs. 15 lakhs related to the sale of shares under Section 68 to be unjustified, as the amount was already disclosed as income and supported by evidence. Consequently, the Tribunal allowed the appeal in favor of the assessee, declaring both the reopening and the addition invalid. Case-Laws Income Tax Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395654