https://www.taxtmi.com/caselaws?id=766704 The ITAT Delhi quashed reassessment proceedings initiated under section 147 after four years. The AO attempted to reopen assessment based on information from Investigation Wing alleging accommodation entries, without verifying against existing records. The tribunal found all material facts were disclosed and scrutinized in original assessment, with sales properly disclosed in profit and loss accounts. The AO's action constituted impermissible review of completed proceedings rather than proper reassessment. The assessee successfully rebutted accommodation entry allegations, and tribunal held reopening lacked proper application of mind with vague, unverified reasons. en-us Fri, 28 Feb 2025 00:00:00 +0530 Mon, 03 Mar 2025 08:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766704 The ITAT Delhi quashed reassessment proceedings initiated under section 147 after four years. The AO attempted to reopen assessment based on information from Investigation Wing alleging accommodation entries, without verifying against existing records. The tribunal found all material facts were disclosed and scrutinized in original assessment, with sales properly disclosed in profit and loss accounts. The AO's action constituted impermissible review of completed proceedings rather than proper reassessment. The assessee successfully rebutted accommodation entry allegations, and tribunal held reopening lacked proper application of mind with vague, unverified reasons. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766704