https://www.taxtmi.com/highlights?id=57811 Reopening of assessment u/s 147 - unexplained share application money - non independent application of mind by AO - In the present case also since the AO acted upon the report of the investigation wing and on that basis initiated the proceedings for reopening the assessment by issuing the notice under section 148 of the Act therefore reassessment proceedings were not valid. In that view of the matter also the reassessment framed by the AO deserves to be quashed. - AT en-us Sat, 01 May 2021 11:35:09 +0530 Sat, 01 May 2021 11:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57811 Reopening of assessment u/s 147 - unexplained share application money - non independent application of mind by AO - In the present case also since the AO acted upon the report of the investigation wing and on that basis initiated the proceedings for reopening the assessment by issuing the notice under section 148 of the Act therefore reassessment proceedings were not valid. In that view of the matter also the reassessment framed by the AO deserves to be quashed. - AT Highlights Income Tax Sat, 01 May 2021 11:35:09 +0530 https://www.taxtmi.com/highlights?id=57811