https://www.taxtmi.com/caselaws?id=409160 The tribunal addressed the jurisdictional challenge regarding the assessment under section 148 of the Act for A.Y. 2008-09. The case was reopened based on share premium valuation issues, which the tribunal deemed invalid as the relevant provision was introduced in the Finance Act, 2012, applicable from A.Y. 2013-14 onwards. The tribunal quashed the reopening, citing lack of tangible material and supporting precedents. Additionally, the tribunal found the assessee had a strong case on merits, providing all necessary documents and reversing the CIT (A)'s order. The appeals of both assessees were allowed based on the findings in the first appeal for A.Y. 2008-09. en-us Tue, 08 Jun 2021 00:00:00 +0530 Thu, 01 Jul 2021 07:54:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409160 The tribunal addressed the jurisdictional challenge regarding the assessment under section 148 of the Act for A.Y. 2008-09. The case was reopened based on share premium valuation issues, which the tribunal deemed invalid as the relevant provision was introduced in the Finance Act, 2012, applicable from A.Y. 2013-14 onwards. The tribunal quashed the reopening, citing lack of tangible material and supporting precedents. Additionally, the tribunal found the assessee had a strong case on merits, providing all necessary documents and reversing the CIT (A)'s order. The appeals of both assessees were allowed based on the findings in the first appeal for A.Y. 2008-09. Case-Laws Income Tax Tue, 08 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409160