https://www.taxtmi.com/caselaws?id=752435 ITAT Kolkata held that reassessment u/s 147 was invalid due to lack of competent authority approval u/s 151, despite information being received from the assessee itself. PCIT's revision u/s 263 was without jurisdiction as it addressed share subscription issues not part of original reassessment which concerned share dealing profits. Addition u/s 68 was deleted as CIT(A) correctly found identity, creditworthiness and genuineness of share subscribers established through verification notices, summons, bank statements and family connections proving legitimate business interest. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 09 May 2024 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752435 ITAT Kolkata held that reassessment u/s 147 was invalid due to lack of competent authority approval u/s 151, despite information being received from the assessee itself. PCIT's revision u/s 263 was without jurisdiction as it addressed share subscription issues not part of original reassessment which concerned share dealing profits. Addition u/s 68 was deleted as CIT(A) correctly found identity, creditworthiness and genuineness of share subscribers established through verification notices, summons, bank statements and family connections proving legitimate business interest. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752435