https://www.taxtmi.com/caselaws?id=768363 ITAT Mumbai held that reassessment u/s 147 was invalid as additions made had no nexus with escaped income mentioned in reasons recorded. AO recorded reasons for reopening based on Rs. 50 lacs accommodation entries but assessment order made different additions without addressing the alleged escaped income. Additionally, assessment u/s 143(3) r.w.s. 153A was quashed as additions were not based on incriminating material found during search operations but on already disclosed balance sheet entries and third-party statements from unrelated proceedings. Following Supreme Court precedent in Abhisar Buildwell case, tribunal ruled in favor of assessee. en-us Fri, 28 Mar 2025 00:00:00 +0530 Sat, 05 Apr 2025 08:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768363 ITAT Mumbai held that reassessment u/s 147 was invalid as additions made had no nexus with escaped income mentioned in reasons recorded. AO recorded reasons for reopening based on Rs. 50 lacs accommodation entries but assessment order made different additions without addressing the alleged escaped income. Additionally, assessment u/s 143(3) r.w.s. 153A was quashed as additions were not based on incriminating material found during search operations but on already disclosed balance sheet entries and third-party statements from unrelated proceedings. Following Supreme Court precedent in Abhisar Buildwell case, tribunal ruled in favor of assessee. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768363