https://www.taxtmi.com/caselaws?id=259586 The appeal challenged the reopening of assessment under section 147 of the Income Tax Act for the assessment year 2003-04. The Assessing Officer had valid reasons to believe in income escapement due to transactions with companies involved in accommodation entries. The grounds against reopening were dismissed. Regarding the addition on account of income from undisclosed sources, the tribunal found the AO's reliance on general statements without considering the assessee's evidence as violative of natural justice. Consequently, the tribunal directed the AO to delete the addition made on the sale proceeds of shares, allowing the appeal in part. en-us Thu, 18 Dec 2014 00:00:00 +0530 Thu, 14 May 2015 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259586 The appeal challenged the reopening of assessment under section 147 of the Income Tax Act for the assessment year 2003-04. The Assessing Officer had valid reasons to believe in income escapement due to transactions with companies involved in accommodation entries. The grounds against reopening were dismissed. Regarding the addition on account of income from undisclosed sources, the tribunal found the AO's reliance on general statements without considering the assessee's evidence as violative of natural justice. Consequently, the tribunal directed the AO to delete the addition made on the sale proceeds of shares, allowing the appeal in part. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259586