https://www.taxtmi.com/caselaws?id=297720 The Tribunal ruled in favor of the appellant in a tax appeal case, quashing the reassessment and allowing the appeal. The jurisdiction of the Assessing Officer under section 147 was challenged, with the Tribunal holding that section 153C should have been applied instead. The addition of share application money under section 68 was contested successfully, as the AO did not follow proper procedures. Similarly, the addition under section 69C was overturned due to lack of supporting evidence. The Tribunal considered legal and merit-based grounds of appeal, ultimately siding with the appellant and nullifying the reassessment. en-us Wed, 04 Mar 2020 00:00:00 +0530 Sun, 19 Sep 2021 22:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297720 The Tribunal ruled in favor of the appellant in a tax appeal case, quashing the reassessment and allowing the appeal. The jurisdiction of the Assessing Officer under section 147 was challenged, with the Tribunal holding that section 153C should have been applied instead. The addition of share application money under section 68 was contested successfully, as the AO did not follow proper procedures. Similarly, the addition under section 69C was overturned due to lack of supporting evidence. The Tribunal considered legal and merit-based grounds of appeal, ultimately siding with the appellant and nullifying the reassessment. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297720