https://www.taxtmi.com/caselaws?id=784784 The dominant issue was the validity of reassessment and the assessment order under ss. 143/147 where the AO treated banking transactions and credits shown as share capital/share premium as non-genuine and disallowed claimed expenditure. The Tribunal held that the assessee had no justification to claim bogus business expenditure and failed to discharge its statutory obligation by not filing a return in response to notice under s. 148; in such circumstances, the AO was justified in completing the assessment. Consequently, the challenge to the validity of the order and related grounds were rejected and the appeal was dismissed. en-us Tue, 23 Dec 2025 00:00:00 +0530 Fri, 09 Jan 2026 14:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784784 The dominant issue was the validity of reassessment and the assessment order under ss. 143/147 where the AO treated banking transactions and credits shown as share capital/share premium as non-genuine and disallowed claimed expenditure. The Tribunal held that the assessee had no justification to claim bogus business expenditure and failed to discharge its statutory obligation by not filing a return in response to notice under s. 148; in such circumstances, the AO was justified in completing the assessment. Consequently, the challenge to the validity of the order and related grounds were rejected and the appeal was dismissed. Case-Laws Income Tax Tue, 23 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784784