https://www.taxtmi.com/caselaws?id=755869 ITAT Nagpur dismissed Revenue's appeal challenging CIT(A)'s order deleting addition u/s 68 regarding share capital and premium. The reopening was based on retracted statement of third party without independent verification by AO. ITAT found reopening suffered from infirmities including mismatched amounts, wrong company names, and lack of nexus between investigation report and assessee. The addition was made on mere suspicion without proper enquiry into voluminous evidence provided by assessee. ITAT upheld CIT(A)'s finding that reassessment lacked independent reason to believe and was based on borrowed satisfaction. en-us Thu, 18 Jul 2024 00:00:00 +0530 Sat, 20 Jul 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755869 ITAT Nagpur dismissed Revenue's appeal challenging CIT(A)'s order deleting addition u/s 68 regarding share capital and premium. The reopening was based on retracted statement of third party without independent verification by AO. ITAT found reopening suffered from infirmities including mismatched amounts, wrong company names, and lack of nexus between investigation report and assessee. The addition was made on mere suspicion without proper enquiry into voluminous evidence provided by assessee. ITAT upheld CIT(A)'s finding that reassessment lacked independent reason to believe and was based on borrowed satisfaction. Case-Laws Income Tax Thu, 18 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755869