https://www.taxtmi.com/caselaws?id=440472 The Tribunal upheld the Pr. CIT's decision to set aside the assessment orders for A.Ys. 2010-11 and 2011-12, finding them erroneous and prejudicial to the Revenue's interest. The AO had accepted a share capital claim without proper verification from a shell company, leading to the orders being deemed flawed. The Tribunal also validated the reopening of the assessment under section 147, based on concrete information regarding the shell company involved. The assessee's appeals were dismissed, and the AO was instructed to reassess after thorough verification. en-us Fri, 14 Jul 2023 00:00:00 +0530 Tue, 18 Jul 2023 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440472 The Tribunal upheld the Pr. CIT's decision to set aside the assessment orders for A.Ys. 2010-11 and 2011-12, finding them erroneous and prejudicial to the Revenue's interest. The AO had accepted a share capital claim without proper verification from a shell company, leading to the orders being deemed flawed. The Tribunal also validated the reopening of the assessment under section 147, based on concrete information regarding the shell company involved. The assessee's appeals were dismissed, and the AO was instructed to reassess after thorough verification. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440472