https://www.taxtmi.com/caselaws?id=430387 The Tribunal upheld the validity of the assessment reopening under Section 147 based on tangible material suggesting income escapement. However, it deleted additions related to share application money, sale of shares, alleged commission, and disallowance of long term capital gain. The Tribunal emphasized the necessity of providing evidence and following due process in assessments, noting the genuine nature of the transactions through banking channels and supporting documentation. en-us Wed, 12 Oct 2022 00:00:00 +0530 Fri, 18 Nov 2022 10:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430387 The Tribunal upheld the validity of the assessment reopening under Section 147 based on tangible material suggesting income escapement. However, it deleted additions related to share application money, sale of shares, alleged commission, and disallowance of long term capital gain. The Tribunal emphasized the necessity of providing evidence and following due process in assessments, noting the genuine nature of the transactions through banking channels and supporting documentation. Case-Laws Income Tax Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430387