https://www.taxtmi.com/caselaws?id=779781 ITAT JAIPUR set aside reassessment proceedings under section 148 as void ab initio, holding the AO lacked independent application of mind and merely adopted a report from another departmental unit. The notice, assessment and appellate orders were quashed. The tribunal also disallowed the addition under section 68, finding the assessee had produced documentary evidence proving identity, creditworthiness and genuineness of share capital; reliance on a retracted third-party statement was held insufficient. Following SC and HC precedents, the appeal was allowed and additions could not be sustained. en-us Mon, 29 Sep 2025 00:00:00 +0530 Sat, 11 Oct 2025 11:53:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779781 ITAT JAIPUR set aside reassessment proceedings under section 148 as void ab initio, holding the AO lacked independent application of mind and merely adopted a report from another departmental unit. The notice, assessment and appellate orders were quashed. The tribunal also disallowed the addition under section 68, finding the assessee had produced documentary evidence proving identity, creditworthiness and genuineness of share capital; reliance on a retracted third-party statement was held insufficient. Following SC and HC precedents, the appeal was allowed and additions could not be sustained. Case-Laws Income Tax Mon, 29 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779781