Reopening on Share Investment Set Aside Where Source of Funds Was Already Verified

Narendra Sevantilal (HUF) Vs ITO (ITAT Delhi) Reopening Invalid When Issue Was Examined Earlier — ITAT Quashes Section 147 Action on Share Investment The Mumbai SMC Bench of the Income Tax Appellate Tribunal allowed the assessee-HUF’s appeal for AY 2014-15 and quashed the reassessment proceedings, holding that reopening under section 147 was unwarranted when the issue had already been fully examined and accepted in the original assessment. The assessee had invested ₹58.26 lakh in shares of Sunrise Asian Ltd. During the original scrutiny assessment under section 143(3), the Assessing Offi...