Validity of reassessment under Section 147 and 143(3) upheld; fresh inquiry ordered under Section 68 for share application money

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The ITAT upheld the validity of the reassessment order under section 147 read with section 143(3), finding sufficient new material and reasons to believe that income had escaped assessment for AY 2012-13 based on investigation reports and non-compliance by the assessee. The tribunal rejected the assessee's contention of change of opinion and improper assumption of jurisdiction. However, additions made under section 68 regarding the identity, creditworthiness, and genuineness of share application money were set aside for fresh inquiry, as the AO had not fully verified the parties involved. The AO was directed to conduct further enquiries and provide the assessee with reasonable opportunity of being heard. Additionally, the matter concerning .........