https://www.taxtmi.com/caselaws?id=442535 The Tribunal ruled in favor of the assessee on both issues presented. Regarding the legality of re-opening the assessment under the Income Tax Act, the Tribunal found the re-opening beyond four years without demonstrating the failure to disclose material facts as required by law to be invalid, nullifying the re-assessment order. Additionally, concerning the disallowance of a loss on account of alleged bogus share transactions, the Tribunal accepted the genuineness of the transactions supported by proper documentation, setting aside the CIT(A)'s order and directing the AO to allow the loss. All appeals were allowed in favor of the assessee. en-us Fri, 01 Sep 2023 00:00:00 +0530 Mon, 04 Sep 2023 08:27:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442535 The Tribunal ruled in favor of the assessee on both issues presented. Regarding the legality of re-opening the assessment under the Income Tax Act, the Tribunal found the re-opening beyond four years without demonstrating the failure to disclose material facts as required by law to be invalid, nullifying the re-assessment order. Additionally, concerning the disallowance of a loss on account of alleged bogus share transactions, the Tribunal accepted the genuineness of the transactions supported by proper documentation, setting aside the CIT(A)'s order and directing the AO to allow the loss. All appeals were allowed in favor of the assessee. Case-Laws Income Tax Fri, 01 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442535