https://www.taxtmi.com/caselaws?id=462089 The ITAT Kolkata allowed the assessee's appeal, deleting additions of Rs.2,94,13,031/- made by the AO. The tribunal held that reopening of assessment was bad in law as the AO failed to apply mind to facts and circumstances. Regarding alleged bogus property sale, the assessee had entered into a Joint Development Agreement with 41 persons, with ongoing litigation in Civil and HC. The source of payments was satisfactorily explained and Benami proceedings were dropped. For accommodation entries from M/s Raghuvir Sales Pvt. Ltd., the AO failed to establish how the receipt constituted escaped income, lacking details of alleged bogus share transactions. The assessee explained the amount as repaid unsecured loans with interest and TDS deducted. en-us Mon, 29 Jul 2024 00:00:00 +0530 Wed, 21 May 2025 21:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462089 The ITAT Kolkata allowed the assessee's appeal, deleting additions of Rs.2,94,13,031/- made by the AO. The tribunal held that reopening of assessment was bad in law as the AO failed to apply mind to facts and circumstances. Regarding alleged bogus property sale, the assessee had entered into a Joint Development Agreement with 41 persons, with ongoing litigation in Civil and HC. The source of payments was satisfactorily explained and Benami proceedings were dropped. For accommodation entries from M/s Raghuvir Sales Pvt. Ltd., the AO failed to establish how the receipt constituted escaped income, lacking details of alleged bogus share transactions. The assessee explained the amount as repaid unsecured loans with interest and TDS deducted. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462089