https://www.taxtmi.com/caselaws?id=760178 The HC quashed reassessment proceedings initiated against the petitioner for alleged bogus financial transactions. The court found that the third party's statement, which formed the basis for reassessment, never specifically named the petitioner as receiving accommodation entries. The assessment officer failed to establish the date of the statement or confirm it related to the relevant assessment year. Without these crucial details, no reasonable belief could be formed that income had escaped assessment. The court ruled the proceedings amounted to impermissible fishing and roving enquiry under sections 147/148, deciding in favor of the assessee. en-us Tue, 30 Jan 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760178 The HC quashed reassessment proceedings initiated against the petitioner for alleged bogus financial transactions. The court found that the third party's statement, which formed the basis for reassessment, never specifically named the petitioner as receiving accommodation entries. The assessment officer failed to establish the date of the statement or confirm it related to the relevant assessment year. Without these crucial details, no reasonable belief could be formed that income had escaped assessment. The court ruled the proceedings amounted to impermissible fishing and roving enquiry under sections 147/148, deciding in favor of the assessee. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760178