https://www.taxtmi.com/caselaws?id=395048 Specific information from the Investigation Wing, including identified accommodation entries and matching cheque details, was treated as tangible material sufficient to support a belief that income had escaped assessment, so reopening under section 147 was upheld. On the section 68 issue, the assessee failed to prove the genuineness of the credits or the creditworthiness of the alleged lenders; the creditor entities did not respond to summons, the relevant officers were not produced, and the bank accounts showed cash deposits before cheques were issued. The surrounding material, including indicators of an entry-operator arrangement, supported the finding that the credits were accommodation entries. The addition under section 68 and the reassessment were sustained. en-us Fri, 28 Feb 2020 00:00:00 +0530 Mon, 04 May 2020 12:43:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395048 Specific information from the Investigation Wing, including identified accommodation entries and matching cheque details, was treated as tangible material sufficient to support a belief that income had escaped assessment, so reopening under section 147 was upheld. On the section 68 issue, the assessee failed to prove the genuineness of the credits or the creditworthiness of the alleged lenders; the creditor entities did not respond to summons, the relevant officers were not produced, and the bank accounts showed cash deposits before cheques were issued. The surrounding material, including indicators of an entry-operator arrangement, supported the finding that the credits were accommodation entries. The addition under section 68 and the reassessment were sustained. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395048