https://www.taxtmi.com/caselaws?id=398347 The Tribunal upheld the reassessment proceedings under sections 147/148 of the Income Tax Act, dismissing the appeal and confirming the addition of Rs. 10,10,000/- as accommodation entries. The Tribunal found the Assessing Officer had valid reasons to believe income had escaped assessment, independently applied his mind, and was justified in initiating reassessment post block assessment. The assessee's failure to substantiate claims regarding the accommodation entries resulted in the dismissal of the appeal. en-us Thu, 10 Sep 2020 00:00:00 +0530 Sat, 12 Sep 2020 00:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398347 The Tribunal upheld the reassessment proceedings under sections 147/148 of the Income Tax Act, dismissing the appeal and confirming the addition of Rs. 10,10,000/- as accommodation entries. The Tribunal found the Assessing Officer had valid reasons to believe income had escaped assessment, independently applied his mind, and was justified in initiating reassessment post block assessment. The assessee's failure to substantiate claims regarding the accommodation entries resulted in the dismissal of the appeal. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398347