https://www.taxtmi.com/caselaws?id=419492 The Appellate Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) (Ld.CIT(A)) in a case involving the validity of a notice for reopening assessment. The Tribunal emphasized that the notice based on incorrect reasons was impermissible under the law, as the material connecting the assessee to alleged groups was found to be incorrect. Additionally, the Tribunal dismissed the appeal filed by the Revenue challenging the Ld.CIT(A)'s order, stating there was no justification for interfering with the findings. The assessee succeeded in establishing the genuineness of share application monies and the dismissal of a cross objection further favored the assessee's position. en-us Thu, 10 Mar 2022 00:00:00 +0530 Sat, 12 Mar 2022 08:06:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419492 The Appellate Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) (Ld.CIT(A)) in a case involving the validity of a notice for reopening assessment. The Tribunal emphasized that the notice based on incorrect reasons was impermissible under the law, as the material connecting the assessee to alleged groups was found to be incorrect. Additionally, the Tribunal dismissed the appeal filed by the Revenue challenging the Ld.CIT(A)'s order, stating there was no justification for interfering with the findings. The assessee succeeded in establishing the genuineness of share application monies and the dismissal of a cross objection further favored the assessee's position. Case-Laws Income Tax Thu, 10 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419492