https://www.taxtmi.com/caselaws?id=772686 The ITAT Delhi quashed a reassessment under section 147 where the AO reopened assessment based on transactions with allegedly non-existent companies. The tribunal held that the AO's own findings showed these companies existed in ROC portal with substantial share capital and reserves. The AO failed to establish how share subscriptions were bogus accommodation entries, relying only on non-compliance issues. The tribunal ruled that initiating proceedings without proper material evidence and making assessments without adequate verification is bad in law. The assessee's appeal was allowed. en-us Wed, 28 May 2025 00:00:00 +0530 Thu, 12 Jun 2025 07:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772686 The ITAT Delhi quashed a reassessment under section 147 where the AO reopened assessment based on transactions with allegedly non-existent companies. The tribunal held that the AO's own findings showed these companies existed in ROC portal with substantial share capital and reserves. The AO failed to establish how share subscriptions were bogus accommodation entries, relying only on non-compliance issues. The tribunal ruled that initiating proceedings without proper material evidence and making assessments without adequate verification is bad in law. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772686