https://www.taxtmi.com/caselaws?id=402234 The Tribunal ruled in favor of the assessee, quashing the reassessment proceedings initiated under section 147 of the Income Tax Act. The Tribunal emphasized the requirement for tangible material to justify reopening assessments, citing legal precedents. Consequently, the revenue's appeal challenging the addition under section 68 related to share application money was dismissed as infructuous due to the quashing of the assessment proceedings. The judgment underscored the importance of substantiated reasons for reopening assessments and upheld the assessee's position in both issues presented. en-us Tue, 01 Dec 2020 00:00:00 +0530 Fri, 25 Dec 2020 20:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402234 The Tribunal ruled in favor of the assessee, quashing the reassessment proceedings initiated under section 147 of the Income Tax Act. The Tribunal emphasized the requirement for tangible material to justify reopening assessments, citing legal precedents. Consequently, the revenue's appeal challenging the addition under section 68 related to share application money was dismissed as infructuous due to the quashing of the assessment proceedings. The judgment underscored the importance of substantiated reasons for reopening assessments and upheld the assessee's position in both issues presented. Case-Laws Income Tax Tue, 01 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402234