https://www.taxtmi.com/caselaws?id=752897 The ITAT Ahmedabad quashed reassessment proceedings initiated under Section 147 for alleged unexplained cash credit additions under Section 68. The AO relied on Investigation Wing reports regarding bogus accommodation entries but failed to independently verify transactions, resulting in double entries totaling Rs. 1,00,00,224. The AO recorded an unsecured loan of Rs. 50,00,000 from KCPL but ignored its repayment in the subsequent assessment year. The tribunal found the AO merely accepted DGIT information without forming independent reasons to believe income escaped assessment, constituting borrowed satisfaction contrary to Section 147 requirements. en-us Wed, 03 Jan 2024 00:00:00 +0530 Tue, 21 May 2024 08:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752897 The ITAT Ahmedabad quashed reassessment proceedings initiated under Section 147 for alleged unexplained cash credit additions under Section 68. The AO relied on Investigation Wing reports regarding bogus accommodation entries but failed to independently verify transactions, resulting in double entries totaling Rs. 1,00,00,224. The AO recorded an unsecured loan of Rs. 50,00,000 from KCPL but ignored its repayment in the subsequent assessment year. The tribunal found the AO merely accepted DGIT information without forming independent reasons to believe income escaped assessment, constituting borrowed satisfaction contrary to Section 147 requirements. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752897