https://www.taxtmi.com/caselaws?id=450933 Reassessment under section 147 was found unsustainable because the recorded reasons proceeded on a appreciation of the basic facts: the receipt was sale consideration for shares held as investments and was received through banking channels, not unexplained funds from a shell company. Section 68 was also held inapplicable because the shares were reflected as investments in earlier audited balance sheets, and the source and nature of the receipt stood explained as sale proceeds. The ratio is that consideration for sale of recorded investments cannot be treated as an unexplained cash credit. en-us Wed, 06 Mar 2024 00:00:00 +0530 Sat, 16 Mar 2024 07:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450933 Reassessment under section 147 was found unsustainable because the recorded reasons proceeded on a appreciation of the basic facts: the receipt was sale consideration for shares held as investments and was received through banking channels, not unexplained funds from a shell company. Section 68 was also held inapplicable because the shares were reflected as investments in earlier audited balance sheets, and the source and nature of the receipt stood explained as sale proceeds. The ratio is that consideration for sale of recorded investments cannot be treated as an unexplained cash credit. Case-Laws Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450933