https://www.taxtmi.com/caselaws?id=450428 The ITAT Bangalore remitted the matter to the AO for fresh consideration following a SC judgment in the assessee's case that had significant bearing on the assessment. The case involved revision under section 263 regarding addition under section 68 for share premium received. The SC had held that shareholders who had board representation were aware of fraudulent conduct and false statements in agreements, making them liable for the company's fraudulent activities. Since the lower authorities' orders preceded this crucial SC judgment, the tribunal found it appropriate to remit the entire issue for de-novo consideration in light of the SC's findings. en-us Fri, 01 Mar 2024 00:00:00 +0530 Mon, 04 Mar 2024 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450428 The ITAT Bangalore remitted the matter to the AO for fresh consideration following a SC judgment in the assessee's case that had significant bearing on the assessment. The case involved revision under section 263 regarding addition under section 68 for share premium received. The SC had held that shareholders who had board representation were aware of fraudulent conduct and false statements in agreements, making them liable for the company's fraudulent activities. Since the lower authorities' orders preceded this crucial SC judgment, the tribunal found it appropriate to remit the entire issue for de-novo consideration in light of the SC's findings. Case-Laws Income Tax Fri, 01 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450428