https://www.taxtmi.com/caselaws?id=343298 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, finding that the Assessing Officer had tangible material indicating income escapement. The Tribunal remanded the addition on account of accommodation entries back to the AO for reconsideration, emphasizing the necessity of providing the incriminating material to the assessee and allowing cross-examination as per legal precedents. The Tribunal partly allowed the appeals by the assessee for statistical purposes, confirming the reopening of assessments while directing a fresh consideration of the additions on merit by the AO. en-us Tue, 09 May 2017 00:00:00 +0530 Tue, 23 May 2017 07:51:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343298 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, finding that the Assessing Officer had tangible material indicating income escapement. The Tribunal remanded the addition on account of accommodation entries back to the AO for reconsideration, emphasizing the necessity of providing the incriminating material to the assessee and allowing cross-examination as per legal precedents. The Tribunal partly allowed the appeals by the assessee for statistical purposes, confirming the reopening of assessments while directing a fresh consideration of the additions on merit by the AO. Case-Laws Income Tax Tue, 09 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343298