https://www.taxtmi.com/caselaws?id=766583 ITAT Kolkata upheld AO's reopening of assessment as valid, finding proper approval and due application of mind. However, regarding Rs. 8 lakh addition under section 69, ITAT ruled in favor of assessee. The amount represented genuine sale consideration from equity shares sold to Destiny Goods Private Limited, supported by sale bills, ledger copies, and bank statements. AO failed to conduct proper inquiry to verify transaction genuineness, and revenue could not controvert assessee's evidence. CIT(A) erred in confirming the addition despite acknowledging supporting documentation. en-us Fri, 31 Jan 2025 00:00:00 +0530 Fri, 28 Feb 2025 08:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766583 ITAT Kolkata upheld AO's reopening of assessment as valid, finding proper approval and due application of mind. However, regarding Rs. 8 lakh addition under section 69, ITAT ruled in favor of assessee. The amount represented genuine sale consideration from equity shares sold to Destiny Goods Private Limited, supported by sale bills, ledger copies, and bank statements. AO failed to conduct proper inquiry to verify transaction genuineness, and revenue could not controvert assessee's evidence. CIT(A) erred in confirming the addition despite acknowledging supporting documentation. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766583