https://www.taxtmi.com/caselaws?id=775865 ITAT Kolkata held that reopening assessment u/s 147 was invalid due to lack of material indicating escapement of income. Addition u/s 68 of Rs.17 lakhs received from a shell company was not sustained as procedure was flawed. Additions on sale of investments were deleted as assessee had furnished evidence, which authorities failed to consider. Disallowance of salaries paid to 34 employees was also set aside since payments were regular and no defect was shown; tax authorities cannot question business decisions on employee strength or salary levels. The orders of AO and CIT(A) were set aside accordingly. en-us Wed, 30 Jul 2025 00:00:00 +0530 Fri, 01 Aug 2025 08:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775865 ITAT Kolkata held that reopening assessment u/s 147 was invalid due to lack of material indicating escapement of income. Addition u/s 68 of Rs.17 lakhs received from a shell company was not sustained as procedure was flawed. Additions on sale of investments were deleted as assessee had furnished evidence, which authorities failed to consider. Disallowance of salaries paid to 34 employees was also set aside since payments were regular and no defect was shown; tax authorities cannot question business decisions on employee strength or salary levels. The orders of AO and CIT(A) were set aside accordingly. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775865