https://www.taxtmi.com/caselaws?id=782296 ITAT Delhi quashed the reassessment initiated under s.147/148 on the ground that the notice was issued with an incorrect PAN and in a mechanical manner without proper application of mind. The AO relied on third-party information alleging accommodation entries of INR 3.50 crores but failed to conduct any enquiry or verify existing assessment records, which already contained confirmations for loans received and an earlier s.143(3) assessment. Further, approval under s.151(2) by the Pr. CIT was granted mechanically. The notice under s.148 and all consequential reassessment proceedings were held invalid and the assessee's appeal was allowed. en-us Tue, 30 Sep 2025 00:00:00 +0530 Tue, 25 Nov 2025 18:11:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782296 ITAT Delhi quashed the reassessment initiated under s.147/148 on the ground that the notice was issued with an incorrect PAN and in a mechanical manner without proper application of mind. The AO relied on third-party information alleging accommodation entries of INR 3.50 crores but failed to conduct any enquiry or verify existing assessment records, which already contained confirmations for loans received and an earlier s.143(3) assessment. Further, approval under s.151(2) by the Pr. CIT was granted mechanically. The notice under s.148 and all consequential reassessment proceedings were held invalid and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 30 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782296