https://www.taxtmi.com/caselaws?id=328427 The High Court ruled against the Revenue, finding that the reasons for reopening the assessment under Section 147/148 for Assessment Year 2004-05 did not meet the requirements of the Income Tax Act. It was held that the commission earned should be attributed to the Chartered Accountant, not the Assessee, and any addition should have been made in the hands of the Chartered Accountant and beneficiaries of the accommodation entries. The Court dismissed the appeal in favor of the Assessee, with no order as to costs. en-us Tue, 24 May 2016 00:00:00 +0530 Fri, 03 Jun 2016 12:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328427 The High Court ruled against the Revenue, finding that the reasons for reopening the assessment under Section 147/148 for Assessment Year 2004-05 did not meet the requirements of the Income Tax Act. It was held that the commission earned should be attributed to the Chartered Accountant, not the Assessee, and any addition should have been made in the hands of the Chartered Accountant and beneficiaries of the accommodation entries. The Court dismissed the appeal in favor of the Assessee, with no order as to costs. Case-Laws Income Tax Tue, 24 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328427