https://www.taxtmi.com/caselaws?id=464481 Reassessment under section 147 is invalid where the Assessing Officer merely accepts external information about alleged accommodation entries without independent enquiry or application of mind. The recorded reasons must show a rational, consistent basis for the belief that income escaped assessment; factual inconsistency in the amount received further weakens that foundation. Reopening cannot rest on vague or uncertain material alone. On these facts, the notice under section 148 and the consequent reassessment were quashed in favour of the assessee. en-us Wed, 09 Oct 2024 00:00:00 +0530 Fri, 31 Oct 2025 19:09:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464481 Reassessment under section 147 is invalid where the Assessing Officer merely accepts external information about alleged accommodation entries without independent enquiry or application of mind. The recorded reasons must show a rational, consistent basis for the belief that income escaped assessment; factual inconsistency in the amount received further weakens that foundation. Reopening cannot rest on vague or uncertain material alone. On these facts, the notice under section 148 and the consequent reassessment were quashed in favour of the assessee. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464481