https://www.taxtmi.com/caselaws?id=430818 A scrutiny assessment requires a valid section 143(2) notice issued by the Assessing Officer having jurisdiction at the relevant time; a notice issued by an officer lacking that jurisdiction cannot be cured by a later assessment, and the assessment under section 143(3) was quashed. On the merits, share application money and share premium are not taxable as unexplained cash credit where the assessee establishes the investor's identity, creditworthiness and transaction genuineness through return filings, audited accounts, bank records and regulatory details; the addition under section 68 was therefore deleted. en-us Thu, 08 Sep 2022 00:00:00 +0530 Tue, 29 Nov 2022 09:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430818 A scrutiny assessment requires a valid section 143(2) notice issued by the Assessing Officer having jurisdiction at the relevant time; a notice issued by an officer lacking that jurisdiction cannot be cured by a later assessment, and the assessment under section 143(3) was quashed. On the merits, share application money and share premium are not taxable as unexplained cash credit where the assessee establishes the investor's identity, creditworthiness and transaction genuineness through return filings, audited accounts, bank records and regulatory details; the addition under section 68 was therefore deleted. Case-Laws Income Tax Thu, 08 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430818