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2022 (6) TMI 259 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68 - unexplained cash credits - assessee failed to prove the identity and creditworthiness of share applicants - HELD THAT:- The above said information were very well in existence in the hands of the Ld. A.O when the original assessment order was passed on 29/12/2011. Therefore, we find that the reopening of assessment was without any fresh tangible material. It is well settled law that, in the absence of fresh tangible material, the action u/s. 147 of the Act by the A.O is not tenable under the law. Reopening of the assessment is clearly bad in law and liable to be quashed, accordingly we allow the assessee's grounds of Appeal and set aside the order of Lower Authorities, resultantly, additions stands deleted. Appeal of assessee allowed.
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