ACIT vs MADHUSUDAN PACKAGING PVT. LTD.

Authority: ITAT Tribunal/Court: Delhi Date: 2018-05-09 AY: 2009-10 Section: 153A, 153C, 147, 148, 139, 151 Acts: Income Tax Act 1961 Result: Assessee Citation: 518Taxpundit130 Justices: H. S. SIDHU JM Appeal No: I.T.A. No. 4930/DEL/2017
Whether the reopening of assessment u/s 147 was valid based on vague information without independent application of mind by the AO --- Held No. Whether the addition of Rs. 40,00,000/- as unexplained cash credit u/s 68 was justified when the assessee had established identity, creditworthiness, and genuineness of shareholders --- Held No.

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