https://www.taxtmi.com/caselaws?id=446526 The ITAT Kolkata quashed a reassessment order passed under section 147/143(3) after finding that the AO conducted two parallel proceedings for the same assessment year, which violated established legal principles. The court held that issuing notice under section 148 during pendency of a set-aside assessment proceeding was bad in law. The AO failed to provide specific details about alleged accommodation entries, conducted no proper verification, and made additions based on wrong beliefs without examining documentary evidence or persons involved. The tribunal also noted that share capital and premium had already been examined and accepted in an earlier assessment order, making the subsequent addition unjustified on merits. en-us Fri, 10 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 08:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446526 The ITAT Kolkata quashed a reassessment order passed under section 147/143(3) after finding that the AO conducted two parallel proceedings for the same assessment year, which violated established legal principles. The court held that issuing notice under section 148 during pendency of a set-aside assessment proceeding was bad in law. The AO failed to provide specific details about alleged accommodation entries, conducted no proper verification, and made additions based on wrong beliefs without examining documentary evidence or persons involved. The tribunal also noted that share capital and premium had already been examined and accepted in an earlier assessment order, making the subsequent addition unjustified on merits. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446526