Revenue Cannot Reopen Closed Cases on Previously Verified Share Capital

DCIT Vs P & R Engineering Services Pvt. Ltd. (ITAT Delhi) Once ITAT Confirms Share Capital as Genuine in Earlier Years, Revenue Cannot Reopen the Pandora’s Box Again – Consistency Beats Bogus Entry Allegation Assessee received share application money of ₹8.28 crores in AY 2010-11 from three companies. AO, relying merely on Investigation Wing information & the statement of an alleged entry operator, treated all three investor companies as paper entities & made addition u/s 68 holding that identity, creditworthiness & genuineness were not proved. CIT(A) deleted the entire a...