https://www.taxtmi.com/caselaws?id=446816 The ITAT Mumbai held that the AO's reopening of assessment under section 147 for addition under section 68 regarding share capital/premium was invalid. The tribunal found that the AO had already inquired about the share capital/premium transactions during the original assessment proceedings and completed the assessment without adverse findings, indicating acceptance of the assessee's explanation. The reopening based merely on change of opinion without tangible material constituted an impermissible review of the AO's own decision. Additionally, for AY 2009-10, share premium could not be taxed as it became taxable only from April 1, 2013. The appeal was decided in favor of the assessee. en-us Wed, 29 Nov 2023 00:00:00 +0530 Tue, 12 Dec 2023 09:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446816 The ITAT Mumbai held that the AO's reopening of assessment under section 147 for addition under section 68 regarding share capital/premium was invalid. The tribunal found that the AO had already inquired about the share capital/premium transactions during the original assessment proceedings and completed the assessment without adverse findings, indicating acceptance of the assessee's explanation. The reopening based merely on change of opinion without tangible material constituted an impermissible review of the AO's own decision. Additionally, for AY 2009-10, share premium could not be taxed as it became taxable only from April 1, 2013. The appeal was decided in favor of the assessee. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446816