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of The HC upheld the Tribunal's quashing of the second revisional order under section 263, affirming that the assessing officer's reasons lacked specificity and rational nexus regarding the alleged accommodation entry benefiting the assessee. The AO failed to demonstrate how funds were layered or to classify the nature of the transaction, and no documentary evidence was provided to substantiate the claim. The assessee's production of books and bank statements was accepted, and prior assessments were maintained. The court applied established principles requiring a direct nexus between materials and belief formation for reassessment, concluding that the revision was unjustified. Consequently, the assessee's appeal was allowed, and the reassessment order was invalidated.
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