https://www.taxtmi.com/caselaws?id=773515 Reassessment was held unsustainable where the recorded reasons were undated, based on unverified information, and showed no independent enquiry or application of mind by the Assessing Officer, so jurisdiction to reopen could not stand. The addition under section 56(2)(vii)(c) for alleged receipt of gifted shares was also found unjustified because the shares had already been gifted and transferred before the taxing provision became applicable, and later execution of gift deeds did not alter the completed transfer. The impugned addition was therefore deleted. en-us Mon, 16 Jun 2025 00:00:00 +0530 Sat, 01 Aug 2026 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773515 Reassessment was held unsustainable where the recorded reasons were undated, based on unverified information, and showed no independent enquiry or application of mind by the Assessing Officer, so jurisdiction to reopen could not stand. The addition under section 56(2)(vii)(c) for alleged receipt of gifted shares was also found unjustified because the shares had already been gifted and transferred before the taxing provision became applicable, and later execution of gift deeds did not alter the completed transfer. The impugned addition was therefore deleted. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773515