Accommodation Entry Allegation Rejected for Want of Proof

Shah Mahendrakumar Mafatlal HUF Vs ITO (ITAT Ahmedabad) Reopening Based on Incorrect “Accommodation Entry” Information Quashed: ITAT Ahmedabad The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeals for AYs 2014-15 and 2015-16, holding that the reassessment proceedings under section 147 were invalid as they were initiated on the basis of factually incorrect and unsubstantiated information regarding alleged accommodation entries. The assessments were reopened on the premise that the assessee (HUF) had allegedly taken fictitious loans from Shri Jignes...