https://www.taxtmi.com/caselaws?id=796167 Reassessment under Section 147 requires recorded reasons based on tangible material identifying the alleged accommodation-entry entities and transactions. General information, unsupported by credible material, cannot justify reopening where statutory notices, approval material and the assessment order omit the relevant entities. Bank records and audited financial statements showing no transactions, borrowings or repayments with those entities further negate the alleged basis for reassessment. The reassessment proceedings and consequential assessment were therefore 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 based on tangible material identifying the alleged accommodation-entry entities and transactions. General information, unsupported by credible material, cannot justify reopening where statutory notices, approval material and the assessment order omit the relevant entities. Bank records and audited financial statements showing no transactions, borrowings or repayments with those entities further negate the alleged basis for reassessment. The reassessment proceedings and consequential assessment were therefore void ab initio and quashed. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796167