DCIT VS. KARGWAL PRODUCTS P. LTD (ITAT MUMBAI)
I.T.A. NO. 6991/MUM/2016
26-09-2019
S. 147 Reopening for taxing Bogus share capital: Even in a s. 143(1) intimation,
the AO is not entitled to reopen on the ground that the assessee has received
“huge share premium” which was not “examined” by the AO. The AO cannot reopen in
the absence of tangible material that shows income has escaped assessment.
