https://www.taxtmi.com/caselaws?id=122361 The reassessment proceedings initiated under section 147 of the Income-tax Act were found to be invalid due to vague and unfounded grounds. The Tribunal concluded that the additions made by the Assessing Officer on account of accommodation entries and commission paid were baseless, as the transactions were genuine sales. Consequently, the reassessment order was cancelled, the revenue's appeal was dismissed, and the cross-objection by the assessee was allowed, confirming the deletion of the additions. en-us Fri, 16 Apr 2010 00:00:00 +0530 Mon, 03 Jun 2013 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122361 The reassessment proceedings initiated under section 147 of the Income-tax Act were found to be invalid due to vague and unfounded grounds. The Tribunal concluded that the additions made by the Assessing Officer on account of accommodation entries and commission paid were baseless, as the transactions were genuine sales. Consequently, the reassessment order was cancelled, the revenue's appeal was dismissed, and the cross-objection by the assessee was allowed, confirming the deletion of the additions. Case-Laws Income Tax Fri, 16 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122361