https://www.taxtmi.com/caselaws?id=435962 The tribunal upheld the validity of the notice issued under Section 148, the AO's reason to believe for escapement of income, and the assumption of jurisdiction by the AO. It rejected the assessee's claims regarding non-commencement of commercial operations, creditworthiness of the shareholder, existence of shell companies, issue price of shares, maintenance of documents for share allotment, findings in scrutiny assessment for other years, and obligation to establish identity, creditworthiness, and genuineness of transactions. The tribunal upheld the addition under Section 68 and hypothetical commission on share application money. It ordered re-adjudication by the AO regarding reliance on third-party statements without cross-examination. en-us Mon, 27 Mar 2023 00:00:00 +0530 Fri, 31 Mar 2023 08:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435962 The tribunal upheld the validity of the notice issued under Section 148, the AO's reason to believe for escapement of income, and the assumption of jurisdiction by the AO. It rejected the assessee's claims regarding non-commencement of commercial operations, creditworthiness of the shareholder, existence of shell companies, issue price of shares, maintenance of documents for share allotment, findings in scrutiny assessment for other years, and obligation to establish identity, creditworthiness, and genuineness of transactions. The tribunal upheld the addition under Section 68 and hypothetical commission on share application money. It ordered re-adjudication by the AO regarding reliance on third-party statements without cross-examination. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435962