Bogus Share Capital: Reassessment Quashed for Lack of Independent Mind Application by AO

Brand India Real Estate Pvt. Ltd. Vs ITO (ITAT Jaipur) Share Capital Addition: ITAT Jaipur ruled that reassessment under Section 148 based solely on Investigation Wing’s report without independent verification is invalid and void ab initio. Tribunal held that once identity, creditworthiness, and genuineness of investors are established, no addition can be made under Section 68; reliance placed on Lovely Exports ruling. ITAT Jaipur followed Rajasthan High Court’s decision in Esspal International, ruling that a retracted statement without corroboration cannot form the basis of addition. Jaip...