https://www.taxtmi.com/caselaws?id=351863 The court upheld the validity of the reassessment proceedings initiated under Section 148 of the Income Tax Act for the Assessment Year 2010-11 based on accommodation entries from specific companies. The Assessing Officer had sufficient material and specific reasons to believe that income had escaped, justifying the initiation of reassessment. While the court acknowledged the petitioner's objections, it found the jurisdiction was validly exercised due to the detailed information provided. The petitioner was granted the opportunity to defend against the allegations during the reassessment process. The writ petition was dismissed, focusing on the jurisdictional aspect of reassessment initiation. en-us Mon, 27 Nov 2017 00:00:00 +0530 Sat, 02 Dec 2017 10:11:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351863 The court upheld the validity of the reassessment proceedings initiated under Section 148 of the Income Tax Act for the Assessment Year 2010-11 based on accommodation entries from specific companies. The Assessing Officer had sufficient material and specific reasons to believe that income had escaped, justifying the initiation of reassessment. While the court acknowledged the petitioner's objections, it found the jurisdiction was validly exercised due to the detailed information provided. The petitioner was granted the opportunity to defend against the allegations during the reassessment process. The writ petition was dismissed, focusing on the jurisdictional aspect of reassessment initiation. Case-Laws Income Tax Mon, 27 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351863