https://www.taxtmi.com/caselaws?id=267256 The Tribunal quashed the assessment order for the assessment year 2004-05 under section 147 of the Income Tax Act. The re-opening of the assessment based on alleged unexplained cash credits from accommodation entries was deemed invalid due to the lack of a valid belief by the Assessing Officer. The Tribunal emphasized the necessity of a tangible link between the reasons for re-opening and income escapement. As the alleged accommodation entries were not connected to the share application money received, the re-opening was invalidated, resulting in the quashing of the assessment order. en-us Wed, 30 Sep 2015 00:00:00 +0530 Tue, 03 Nov 2015 06:16:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267256 The Tribunal quashed the assessment order for the assessment year 2004-05 under section 147 of the Income Tax Act. The re-opening of the assessment based on alleged unexplained cash credits from accommodation entries was deemed invalid due to the lack of a valid belief by the Assessing Officer. The Tribunal emphasized the necessity of a tangible link between the reasons for re-opening and income escapement. As the alleged accommodation entries were not connected to the share application money received, the re-opening was invalidated, resulting in the quashing of the assessment order. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267256