https://www.taxtmi.com/caselaws?id=450829 Reassessment based on vague recorded reasons and unverified third-party information was treated as unsustainable, and mechanical approval under section 151 was also criticised. The note further states that receipts received through banking channels against sale of shares shown as investments in earlier balance sheets could not be taxed as unexplained cash credit under section 68, because the documentary record showed sale of investment rather than share subscription money. It also explains that penalty under section 271(1)(c) could not survive once the quantum additions were deleted, and the penalty notice was deficient for not specifying the exact charge. en-us Tue, 05 Mar 2024 00:00:00 +0530 Thu, 14 Mar 2024 06:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450829 Reassessment based on vague recorded reasons and unverified third-party information was treated as unsustainable, and mechanical approval under section 151 was also criticised. The note further states that receipts received through banking channels against sale of shares shown as investments in earlier balance sheets could not be taxed as unexplained cash credit under section 68, because the documentary record showed sale of investment rather than share subscription money. It also explains that penalty under section 271(1)(c) could not survive once the quantum additions were deleted, and the penalty notice was deficient for not specifying the exact charge. Case-Laws Income Tax Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450829