https://www.taxtmi.com/caselaws?id=461180 ITAT upheld reopening under s.147, finding AO had tangible material from the Dept.'s Investigation Wing indicating the shares were used for accommodation entries producing bogus tax-exempt LTCG; CIT(A)'s concurrence was affirmed. The Tribunal also sustained the addition under s.68, treating the sale consideration for the shares as unexplained cash credit, relying on precedent holding such transactions sham. The assessee's challenge to reopening and the s.68 addition was dismissed. en-us Mon, 17 Oct 2022 00:00:00 +0530 Wed, 05 Nov 2025 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461180 ITAT upheld reopening under s.147, finding AO had tangible material from the Dept.'s Investigation Wing indicating the shares were used for accommodation entries producing bogus tax-exempt LTCG; CIT(A)'s concurrence was affirmed. The Tribunal also sustained the addition under s.68, treating the sale consideration for the shares as unexplained cash credit, relying on precedent holding such transactions sham. The assessee's challenge to reopening and the s.68 addition was dismissed. Case-Laws Income Tax Mon, 17 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461180