https://www.taxtmi.com/caselaws?id=288746 The Tribunal upheld the validity of reopening under Section 147 for the assessment years 2006-07, 2007-08, and 2008-09. However, it deleted the additions made under Section 68 for those years due to the AO's failure to independently verify the genuineness of transactions and the creditworthiness of share applicants. The matter for the assessment year 2010-11 was remanded back to the AO for further examination. Penalties under Section 271(1)(c) for the years 2006-07 and 2008-09 were deleted as the quantum additions were not sustained. en-us Fri, 09 Aug 2019 00:00:00 +0530 Fri, 26 Jun 2020 09:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288746 The Tribunal upheld the validity of reopening under Section 147 for the assessment years 2006-07, 2007-08, and 2008-09. However, it deleted the additions made under Section 68 for those years due to the AO's failure to independently verify the genuineness of transactions and the creditworthiness of share applicants. The matter for the assessment year 2010-11 was remanded back to the AO for further examination. Penalties under Section 271(1)(c) for the years 2006-07 and 2008-09 were deleted as the quantum additions were not sustained. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288746