https://www.taxtmi.com/caselaws?id=205966 Reassessment under section 147 may be initiated on a prima facie belief of escapement based on bank-account information, even without conclusive proof at the threshold, so the reopening was upheld. On merits, the materials including rent records, sales-tax registration, shop occupation, business returns and bullion purchases supported a genuine jewellery business, so the allegation of accommodation entries failed. Statements recorded by the Deputy Director under section 131 were invalid where no pending proceedings or contemplated search-linked inquiry was shown, so they were inadmissible. Retracted confessional statements could not sustain additions without independent, cogent corroboration, so they could not form the sole basis of assessment. en-us Fri, 26 Jun 2009 00:00:00 +0530 Fri, 07 Oct 2016 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205966 Reassessment under section 147 may be initiated on a prima facie belief of escapement based on bank-account information, even without conclusive proof at the threshold, so the reopening was upheld. On merits, the materials including rent records, sales-tax registration, shop occupation, business returns and bullion purchases supported a genuine jewellery business, so the allegation of accommodation entries failed. Statements recorded by the Deputy Director under section 131 were invalid where no pending proceedings or contemplated search-linked inquiry was shown, so they were inadmissible. Retracted confessional statements could not sustain additions without independent, cogent corroboration, so they could not form the sole basis of assessment. Case-Laws Income Tax Fri, 26 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205966