Reassessing Accommodation Entries: Insights from a High Court Judgment

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....ncome Tax Officer under Section 148A(d) of the Income Tax Act 1961. This case presents a compelling analysis of the legal intricacies surrounding reassessment proceedings, accommodation entries, and the role of judicial review in tax evasion cases. Background and Facts The case originated from a writ petition filed against the order of the Income Tax Officer (ITO) pertaining to the Assessment Ye....

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....they had disclosed the income from the sale of shares as Short Term Capital Gains (STCG). * Allegations of Accommodation Entries: The core of the case revolved around the allegation that the petitioners were beneficiaries of bogus accommodation transactions. * Judicial Review and Limitation: The petitioners argued that the notice issued was beyond the statutory limitation period and sought....