https://www.taxtmi.com/caselaws?id=796167 Reassessment under Section 147 requires recorded reasons supported by tangible material identifying the alleged accommodation-entry entities and transactions. Where approval material, notices and the assessment order do not specify the counterparties, and the Assessing Officer does not verify the credibility of general information, reassessment cannot rest on suspicion. Bank records and audited financial statements showing no relevant transactions, borrowings or repayments further undermine the alleged basis. The notes state that the reassessment proceedings and consequential assessment were treated as void ab initio and quashed. en-us Fri, 05 Jun 2026 00:00:00 +0530 Sat, 01 Aug 2026 08:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796167 Reassessment under Section 147 requires recorded reasons supported by tangible material identifying the alleged accommodation-entry entities and transactions. Where approval material, notices and the assessment order do not specify the counterparties, and the Assessing Officer does not verify the credibility of general information, reassessment cannot rest on suspicion. Bank records and audited financial statements showing no relevant transactions, borrowings or repayments further undermine the alleged basis. The notes state that the reassessment proceedings and consequential assessment were treated as void ab initio and quashed. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796167