https://www.taxtmi.com/caselaws?id=765538 ITAT Kolkata quashed the reopening of assessment concerning alleged unaccounted cash loan of Rs.11.05 crore received through a broker. The tribunal held that mere information about loan receipt was insufficient to establish income escapement, as loans are not income to recipients. The AO failed to provide corroborating evidence or identify actual lenders, relying solely on vague allegations without substantiation. No cash, valuables, or evidence of sham transactions were found in assessee's possession, making the reopening unjustified. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765538 ITAT Kolkata quashed the reopening of assessment concerning alleged unaccounted cash loan of Rs.11.05 crore received through a broker. The tribunal held that mere information about loan receipt was insufficient to establish income escapement, as loans are not income to recipients. The AO failed to provide corroborating evidence or identify actual lenders, relying solely on vague allegations without substantiation. No cash, valuables, or evidence of sham transactions were found in assessee's possession, making the reopening unjustified. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765538