Bogus share capital: Discharge of Onus & Law on not giving cross-examination

The assessee is aggrieved by the impugned order dated /9/08/20/6 of the Ld. First Appellate Authority, Mumbai. The first ground raised by the assessee pertains to reopening the proceedings u/s /48 of the Income Tax Act, /96/ (hereinafter the Act) by not treating the reassessment proceedings as invalid and bad in law. During hearing, Shri Nimesh Chotani, along with Shri Dharan Gandhi, ld. counsel for the assessee, did not press this ground. The ld. CIT-DR, Shri R.P. Meena, had no objection to the request of the assessee, therefore, this ground is dismissed as not pressed. 2. The only effective ...