https://www.taxtmi.com/caselaws?id=762457 ITAT Mumbai held that reopening assessment u/s 147 beyond four years was invalid due to incorrect assumption of facts. The AO's reasons for reopening lacked live link nexus with income escaping assessment, as companies receiving share application money were not connected to entities mentioned in third-party statement. Without valid material and information relevant to assessee, AO cannot reopen case based on wrong factual assumptions. Notice u/s 148 and entire reassessment order quashed on jurisdictional grounds. Appeal allowed. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762457 ITAT Mumbai held that reopening assessment u/s 147 beyond four years was invalid due to incorrect assumption of facts. The AO's reasons for reopening lacked live link nexus with income escaping assessment, as companies receiving share application money were not connected to entities mentioned in third-party statement. Without valid material and information relevant to assessee, AO cannot reopen case based on wrong factual assumptions. Notice u/s 148 and entire reassessment order quashed on jurisdictional grounds. Appeal allowed. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762457