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2022 (3) TMI 530 - AT - Income TaxReopening of assessment u/s 147 - Addition u/s 68 - Whether assessee had proved the identity, credit-worthiness and genuineness of share capital/premium received from disputed shareholders? - HELD THAT:- We observe that Assessing Officer completed the assessment based on the reasons recorded for reopening that assessee has received share application money from Mr. Shirish C. Shah, who provides accommodation entries. Subsequently when the remand report filed before Ld.CIT(A) in which Assessing Officer has agreed that share applicants do not belong to Shri Shirish C. Shah group. Accordingly, Ld.CIT(A) has held that Assessing Officer issued 148 notice with the incorrect reasons. Therefore Ld.CIT(A) allowed the appeal of the assessee for reopening the assessment with incorrect reasons which is bad in law. In light of the above facts on record, we do not see any reasons to interfere with the above findings of the Ld.CIT(A). Accordingly, appeal filed by the Revenue is dismissed.
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