https://www.taxtmi.com/caselaws?id=761966 The ITAT Delhi ruled that the AO improperly reopened assessment under Section 147 based on incriminating material found during search operations at a third party's premises. The assessee received share applications from a company that the Investigation Wing identified as a shell company providing accommodation entries. The ITAT held that when incriminating material is recovered from third-party premises during search, proceedings should be initiated under Section 153C rather than Section 147. The addition under Section 68 treating the transaction as non-genuine could not be sustained due to improper reopening procedure. The CIT(A) failed to address the assessee's submissions regarding the legality of reopening. en-us Fri, 18 Oct 2024 00:00:00 +0530 Thu, 21 Nov 2024 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761966 The ITAT Delhi ruled that the AO improperly reopened assessment under Section 147 based on incriminating material found during search operations at a third party's premises. The assessee received share applications from a company that the Investigation Wing identified as a shell company providing accommodation entries. The ITAT held that when incriminating material is recovered from third-party premises during search, proceedings should be initiated under Section 153C rather than Section 147. The addition under Section 68 treating the transaction as non-genuine could not be sustained due to improper reopening procedure. The CIT(A) failed to address the assessee's submissions regarding the legality of reopening. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761966