https://www.taxtmi.com/caselaws?id=431061 The Tribunal held that the reopening of the assessment under Section 148 was invalid as there was no failure to disclose material facts by the assessee, quashing the reassessment proceedings. On the merit of the reassessment under Section 68, the Tribunal found the additions for share capital and share premium lacked basis, emphasizing that the burden shifts to the revenue to verify transactions once the assessee provides initial evidence. The Tribunal directed the AO to delete the additions, citing various judgments supporting the assessee's position. en-us Mon, 28 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 09:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431061 The Tribunal held that the reopening of the assessment under Section 148 was invalid as there was no failure to disclose material facts by the assessee, quashing the reassessment proceedings. On the merit of the reassessment under Section 68, the Tribunal found the additions for share capital and share premium lacked basis, emphasizing that the burden shifts to the revenue to verify transactions once the assessee provides initial evidence. The Tribunal directed the AO to delete the additions, citing various judgments supporting the assessee's position. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431061