https://www.taxtmi.com/caselaws?id=751412 ITAT Mumbai upheld reopening of assessment u/s 147 based on investigation wing information regarding accommodation entries from Sarwaria Investments Consultants Pvt. Ltd., finding tangible material justified reassessment despite prior assessment u/s 143(3). However, ITAT allowed appeal regarding addition u/s 68, ruling assessee discharged initial onus proving lender's identity through PAN, creditworthiness via bank statements, and transaction genuineness through account confirmations and Form 26AS. AO failed to conduct further inquiry through summons u/s 131, inspection, or inquiry letters u/s 133(6) after assessee provided evidence. ITAT directed deletion of addition u/s 68, holding AO cannot shift onus back to assessee without proper investigation of submitted documents. en-us Fri, 12 Apr 2024 00:00:00 +0530 Tue, 16 Apr 2024 08:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751412 ITAT Mumbai upheld reopening of assessment u/s 147 based on investigation wing information regarding accommodation entries from Sarwaria Investments Consultants Pvt. Ltd., finding tangible material justified reassessment despite prior assessment u/s 143(3). However, ITAT allowed appeal regarding addition u/s 68, ruling assessee discharged initial onus proving lender's identity through PAN, creditworthiness via bank statements, and transaction genuineness through account confirmations and Form 26AS. AO failed to conduct further inquiry through summons u/s 131, inspection, or inquiry letters u/s 133(6) after assessee provided evidence. ITAT directed deletion of addition u/s 68, holding AO cannot shift onus back to assessee without proper investigation of submitted documents. Case-Laws Income Tax Fri, 12 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751412