https://www.taxtmi.com/caselaws?id=760258 ITAT Kolkata quashed reassessment u/s 147 initiated on vague information from Investigation Wing regarding alleged bogus accommodation entries. AO failed to demonstrate independent application of mind or establish link between tangible material and belief that income escaped assessment. Information lacked specifics about parties, transaction details, amounts, or whether assessee booked bogus loss or profit. Reasons recorded were insufficient to form requisite belief for reopening. On merits, AO relied solely on general modus operandi without identifying specific defects in assessee's transactions. Consequential assessment held unsustainable and quashed. Assessee's appeal allowed. en-us Mon, 07 Oct 2024 00:00:00 +0530 Thu, 17 Oct 2024 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760258 ITAT Kolkata quashed reassessment u/s 147 initiated on vague information from Investigation Wing regarding alleged bogus accommodation entries. AO failed to demonstrate independent application of mind or establish link between tangible material and belief that income escaped assessment. Information lacked specifics about parties, transaction details, amounts, or whether assessee booked bogus loss or profit. Reasons recorded were insufficient to form requisite belief for reopening. On merits, AO relied solely on general modus operandi without identifying specific defects in assessee's transactions. Consequential assessment held unsustainable and quashed. Assessee's appeal allowed. Case-Laws Income Tax Mon, 07 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760258