https://www.taxtmi.com/caselaws?id=436353 The Tribunal allowed the assessee's appeals based on the invalid approval under Section 153D, leading to the cancellation of the assessments. The primary issue of additions under Section 68 for share capital and premium was upheld due to the assessee's failure to prove the transactions' genuineness. Other grounds, including the mechanical nature of orders and lack of incriminating evidence for invoking Section 153A, were not addressed separately. The Tribunal found the approval process under Section 153D to be casual and void-ab-initio, ultimately ruling in favor of the assessee on this legal basis. en-us Mon, 27 Mar 2023 00:00:00 +0530 Mon, 10 Apr 2023 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436353 The Tribunal allowed the assessee's appeals based on the invalid approval under Section 153D, leading to the cancellation of the assessments. The primary issue of additions under Section 68 for share capital and premium was upheld due to the assessee's failure to prove the transactions' genuineness. Other grounds, including the mechanical nature of orders and lack of incriminating evidence for invoking Section 153A, were not addressed separately. The Tribunal found the approval process under Section 153D to be casual and void-ab-initio, ultimately ruling in favor of the assessee on this legal basis. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436353