https://www.taxtmi.com/caselaws?id=761107 Gujarat HC ruled in favor of the assessee in a case involving reopening of assessment based on alleged accommodation entries. The AO received information suggesting the petitioner obtained accommodation entries, but the court found this information was not supported by the ledger accounts on record. The petitioner had repaid the opening balance amount during the relevant year with no other transactions shown. The court held that the AO's reasons for assuming jurisdiction were contrary to available facts, and no transactions occurred with the entity during the previous years for AY 2016-17. en-us Tue, 15 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 07:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761107 Gujarat HC ruled in favor of the assessee in a case involving reopening of assessment based on alleged accommodation entries. The AO received information suggesting the petitioner obtained accommodation entries, but the court found this information was not supported by the ledger accounts on record. The petitioner had repaid the opening balance amount during the relevant year with no other transactions shown. The court held that the AO's reasons for assuming jurisdiction were contrary to available facts, and no transactions occurred with the entity during the previous years for AY 2016-17. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761107