https://www.taxtmi.com/caselaws?id=292118 The tribunal upheld the legality of reopening the assessment under Section 148 of the Income Tax Act, finding that the Assessing Officer had valid reasons for the reopening based on information received. The tribunal also validated the addition of Rs. 31 lakhs on account of share application money, as the genuineness of the transactions was not proven. Ultimately, the tribunal allowed the assessee's appeal to quash the reopening of the assessment, leading to the deletion of all additions made in the reassessment order. en-us Thu, 05 Jan 2017 00:00:00 +0530 Tue, 08 Dec 2020 08:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292118 The tribunal upheld the legality of reopening the assessment under Section 148 of the Income Tax Act, finding that the Assessing Officer had valid reasons for the reopening based on information received. The tribunal also validated the addition of Rs. 31 lakhs on account of share application money, as the genuineness of the transactions was not proven. Ultimately, the tribunal allowed the assessee's appeal to quash the reopening of the assessment, leading to the deletion of all additions made in the reassessment order. Case-Laws Income Tax Thu, 05 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292118