https://www.taxtmi.com/caselaws?id=790485 Reassessment under section 147 was held invalid where the recorded reasons failed to disclose the nature of the alleged accommodation entry, the transaction details, the counterparty identity, or the basis for the quantified escapement. The ITAT noted that mere reliance on survey or search material, without independent application of mind and cogent reasons to believe income had escaped assessment, could not sustain reopening. The reassessment was quashed, and the remaining grounds were left academic. en-us Thu, 23 Apr 2026 00:00:00 +0530 Sat, 25 Apr 2026 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790485 Reassessment under section 147 was held invalid where the recorded reasons failed to disclose the nature of the alleged accommodation entry, the transaction details, the counterparty identity, or the basis for the quantified escapement. The ITAT noted that mere reliance on survey or search material, without independent application of mind and cogent reasons to believe income had escaped assessment, could not sustain reopening. The reassessment was quashed, and the remaining grounds were left academic. Case-Laws Income Tax Thu, 23 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790485