https://www.taxtmi.com/caselaws?id=791630 Reassessment under section 148 was invalid where the recorded reasons referred only to alleged accommodation entries on the basis of an investigation report, without independent application of mind to the assessee's return or financial material. The assessee also showed that no transactions or receipts existed with the named concerns and that the company was in its first year of operation. On those facts, the reopening was not sustained and the reassessment order was quashed in favour of the assessee. en-us Wed, 08 Apr 2026 00:00:00 +0530 Thu, 14 May 2026 09:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791630 Reassessment under section 148 was invalid where the recorded reasons referred only to alleged accommodation entries on the basis of an investigation report, without independent application of mind to the assessee's return or financial material. The assessee also showed that no transactions or receipts existed with the named concerns and that the company was in its first year of operation. On those facts, the reopening was not sustained and the reassessment order was quashed in favour of the assessee. Case-Laws Income Tax Wed, 08 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791630