https://www.taxtmi.com/caselaws?id=390476 The court upheld the validity of the reopening of assessment under Section 148 of the Income Tax Act, 1961 for the Assessment Year 2012-13. It found that there was tangible material indicating that income had escaped assessment due to transactions with entities providing accommodation entries. The court determined that the Assessing Officer had applied his mind independently and had reasonable grounds to believe in the escapement of income. Additionally, the court emphasized the importance of proving the genuineness of transactions and the creditworthiness of investor companies, ultimately dismissing the petition and imposing costs on the petitioner for wasting judicial time. en-us Wed, 23 Oct 2019 00:00:00 +0530 Thu, 12 Mar 2020 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390476 The court upheld the validity of the reopening of assessment under Section 148 of the Income Tax Act, 1961 for the Assessment Year 2012-13. It found that there was tangible material indicating that income had escaped assessment due to transactions with entities providing accommodation entries. The court determined that the Assessing Officer had applied his mind independently and had reasonable grounds to believe in the escapement of income. Additionally, the court emphasized the importance of proving the genuineness of transactions and the creditworthiness of investor companies, ultimately dismissing the petition and imposing costs on the petitioner for wasting judicial time. Case-Laws Income Tax Wed, 23 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390476