https://www.taxtmi.com/caselaws?id=450829 Reassessment under the Income-tax Act cannot rest on vague recorded reasons or unverified third-party allegations of accommodation entries; mechanical approval further undermines its validity. Receipts through banking channels from the sale of shares already recorded as investments are not unexplained cash credits merely because they were incorrectly treated as share subscription or premium. Where the underlying additions fail, concealment penalty cannot survive; a penalty notice that does not specify the precise charge is also defective. The reassessment, additions and penalty were treated as unsustainable. en-us Tue, 05 Mar 2024 00:00:00 +0530 Thu, 14 Mar 2024 06:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450829 Reassessment under the Income-tax Act cannot rest on vague recorded reasons or unverified third-party allegations of accommodation entries; mechanical approval further undermines its validity. Receipts through banking channels from the sale of shares already recorded as investments are not unexplained cash credits merely because they were incorrectly treated as share subscription or premium. Where the underlying additions fail, concealment penalty cannot survive; a penalty notice that does not specify the precise charge is also defective. The reassessment, additions and penalty were treated as unsustainable. Case-Laws Income Tax Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450829