https://www.taxtmi.com/caselaws?id=397150 The Tribunal upheld the reopening of assessment for AY 2011-12, citing tangible material supporting income escapement. Allegations of Section 144A violation were dismissed as the AO followed JCIT's directions. Despite investigation gaps and short notice issues, the Tribunal found non-genuine transactions with shell companies, upholding the disallowance of business counseling charges. The appellant's failure to provide evidence led to the dismissal of the appeal, confirming the AO's findings and concluding that the expenditure was aimed at reducing taxable income. en-us Wed, 29 Jul 2020 00:00:00 +0530 Thu, 06 Aug 2020 15:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397150 The Tribunal upheld the reopening of assessment for AY 2011-12, citing tangible material supporting income escapement. Allegations of Section 144A violation were dismissed as the AO followed JCIT's directions. Despite investigation gaps and short notice issues, the Tribunal found non-genuine transactions with shell companies, upholding the disallowance of business counseling charges. The appellant's failure to provide evidence led to the dismissal of the appeal, confirming the AO's findings and concluding that the expenditure was aimed at reducing taxable income. Case-Laws Income Tax Wed, 29 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397150