https://www.taxtmi.com/caselaws?id=766099 ITAT Delhi dismissed Revenue's appeal regarding reopening of assessment under Section 147. The AO had originally examined share premium issues under Section 143(3) and determined Section 56(2)(viib) was not applicable. The AO later initiated reassessment on identical issues without fresh tangible material to justify change of opinion. The tribunal found AO failed to consider material facts including audited financial statements, queries, replies, and HC-approved amalgamation scheme. The reassessment was based on incorrect facts as shares were issued to shareholders of amalgamating company, not the company itself. CIT(A)'s decision upholding that reopening was improper was affirmed. en-us Fri, 31 Jan 2025 00:00:00 +0530 Tue, 18 Feb 2025 08:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766099 ITAT Delhi dismissed Revenue's appeal regarding reopening of assessment under Section 147. The AO had originally examined share premium issues under Section 143(3) and determined Section 56(2)(viib) was not applicable. The AO later initiated reassessment on identical issues without fresh tangible material to justify change of opinion. The tribunal found AO failed to consider material facts including audited financial statements, queries, replies, and HC-approved amalgamation scheme. The reassessment was based on incorrect facts as shares were issued to shareholders of amalgamating company, not the company itself. CIT(A)'s decision upholding that reopening was improper was affirmed. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766099