https://www.taxtmi.com/caselaws?id=413027 The Tribunal allowed the appeal, restoring the AO's assessment. It held that the Principal CIT's order was arbitrary and non-speaking, finding the share application money's identity, genuineness, and creditworthiness established by the assessee. The Tribunal emphasized that the Principal CIT exceeded the reassessment scope by considering companies not part of the original proceedings. The Principal CIT's findings lacked evidence and were deemed arbitrary, leading to the conclusion that the assessment was not erroneous or prejudicial to Revenue's interest. en-us Tue, 21 Sep 2021 00:00:00 +0530 Mon, 04 Oct 2021 08:56:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413027 The Tribunal allowed the appeal, restoring the AO's assessment. It held that the Principal CIT's order was arbitrary and non-speaking, finding the share application money's identity, genuineness, and creditworthiness established by the assessee. The Tribunal emphasized that the Principal CIT exceeded the reassessment scope by considering companies not part of the original proceedings. The Principal CIT's findings lacked evidence and were deemed arbitrary, leading to the conclusion that the assessment was not erroneous or prejudicial to Revenue's interest. Case-Laws Income Tax Tue, 21 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413027