https://www.taxtmi.com/caselaws?id=471013 Reassessment under Section 147 may validly proceed on specific investigation material, search material and statements identifying an assessee as a beneficiary of alleged accommodation-entry loans; such material can establish reason to believe that income escaped assessment. However, Section 68 additions cannot be sustained where the assessee provides confirmations, bank statements, tax returns, financial statements, ledger accounts and affidavits supporting the identity, creditworthiness and genuineness of lenders, and the Assessing Officer neither investigates nor disproves that evidence. The loan credits must be deleted, and related interest disallowances cannot survive, requiring recomputation of assessed income. en-us Wed, 29 Jun 2022 00:00:00 +0530 Tue, 18 Aug 2026 13:25:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471013 Reassessment under Section 147 may validly proceed on specific investigation material, search material and statements identifying an assessee as a beneficiary of alleged accommodation-entry loans; such material can establish reason to believe that income escaped assessment. However, Section 68 additions cannot be sustained where the assessee provides confirmations, bank statements, tax returns, financial statements, ledger accounts and affidavits supporting the identity, creditworthiness and genuineness of lenders, and the Assessing Officer neither investigates nor disproves that evidence. The loan credits must be deleted, and related interest disallowances cannot survive, requiring recomputation of assessed income. Case-Laws Income Tax Wed, 29 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471013