https://www.taxtmi.com/caselaws?id=762677 Gujarat HC quashed reopening of assessment under section 147, holding that the AO's reasons were based on borrowed satisfaction without application of mind. The court found that merely recording facts about accommodation entries from information received, without establishing nexus with material available, constitutes vague reasoning. The AO failed to specify the nature of accommodation entries and relied on general allegations without prima facie opinion formation for income escapement. The petition was decided in favor of the assessee. en-us Tue, 29 Oct 2024 00:00:00 +0530 Wed, 04 Dec 2024 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762677 Gujarat HC quashed reopening of assessment under section 147, holding that the AO's reasons were based on borrowed satisfaction without application of mind. The court found that merely recording facts about accommodation entries from information received, without establishing nexus with material available, constitutes vague reasoning. The AO failed to specify the nature of accommodation entries and relied on general allegations without prima facie opinion formation for income escapement. The petition was decided in favor of the assessee. Case-Laws Income Tax Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762677