https://www.taxtmi.com/caselaws?id=434235 The Tribunal invalidated the assessment order passed under Section 147/143(3) of the Income-Tax Act, 1961, due to the lack of a nexus between the information available and the belief formed by the Assessing Officer. Various additions made by the Assessing Officer, including share premium and donations, were deemed unsustainable as they did not address the alleged escaped income for which the assessment was reopened. The Tribunal emphasized that in Section 147 proceedings, additions cannot be made without addressing the primary issue of escaped income, ultimately quashing the assessment order and setting aside the Commissioner (Appeals)' decision. en-us Fri, 17 Feb 2023 00:00:00 +0530 Mon, 20 Feb 2023 08:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434235 The Tribunal invalidated the assessment order passed under Section 147/143(3) of the Income-Tax Act, 1961, due to the lack of a nexus between the information available and the belief formed by the Assessing Officer. Various additions made by the Assessing Officer, including share premium and donations, were deemed unsustainable as they did not address the alleged escaped income for which the assessment was reopened. The Tribunal emphasized that in Section 147 proceedings, additions cannot be made without addressing the primary issue of escaped income, ultimately quashing the assessment order and setting aside the Commissioner (Appeals)' decision. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434235