https://www.taxtmi.com/caselaws?id=769025 ITAT Delhi quashed reassessment proceedings under section 147 for lack of valid reasons to believe income escaped assessment. The AO's reasons were vague, non-specific, and based on uncorroborated information about alleged accommodation entries without establishing nexus between material and belief of escapement. The tribunal found reasons were stereotyped, lacked application of mind, and failed to meet jurisdictional requirements. CIT(A) erroneously endorsed invalid reasons. Notice under section 148 was held void ab-initio and consequential reassessment order was quashed. Decision favored assessee. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 10:39:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769025 ITAT Delhi quashed reassessment proceedings under section 147 for lack of valid reasons to believe income escaped assessment. The AO's reasons were vague, non-specific, and based on uncorroborated information about alleged accommodation entries without establishing nexus between material and belief of escapement. The tribunal found reasons were stereotyped, lacked application of mind, and failed to meet jurisdictional requirements. CIT(A) erroneously endorsed invalid reasons. Notice under section 148 was held void ab-initio and consequential reassessment order was quashed. Decision favored assessee. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769025