https://www.taxtmi.com/caselaws?id=772773 ITAT Kolkata allowed the assessee's appeal, setting aside additions made under reassessment proceedings. The tribunal held that the original assessment order under section 143(3) was never served on the assessee, making it invalid in law, and consequently the reopening based on such unserved order was unsustainable. Regarding additions under section 68 for unexplained share capital and trading losses, ITAT found them based on mere apprehensions without proper evidence. The AO relied solely on third-party statements without confronting the assessee, despite the assessee providing complete documentation of share transactions through BSE. The tribunal deleted all additions, ruling against the revenue department. en-us Thu, 24 Apr 2025 00:00:00 +0530 Fri, 13 Jun 2025 08:41:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772773 ITAT Kolkata allowed the assessee's appeal, setting aside additions made under reassessment proceedings. The tribunal held that the original assessment order under section 143(3) was never served on the assessee, making it invalid in law, and consequently the reopening based on such unserved order was unsustainable. Regarding additions under section 68 for unexplained share capital and trading losses, ITAT found them based on mere apprehensions without proper evidence. The AO relied solely on third-party statements without confronting the assessee, despite the assessee providing complete documentation of share transactions through BSE. The tribunal deleted all additions, ruling against the revenue department. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772773