Reopening Based on Vague Reasons: Accommodation Entry Addition Deleted & reopening quashed

PCIT-1 Vs Krishna Nirman Pvt Ltd (Calcutta High Court) The Calcutta High Court dismissed the revenue’s appeal challenging ITAT Kolkata’s order for AY 2008-09, holding that the reopening under Section 147 lacked independent application of mind, AO’s reasons were vague and non-specific and was based on borrowed satisfaction. Calcutta High Court dismissed the revenue’s Section 260A appeal, upholding the ITAT decision that additions based on accommodation entries cannot stand without verifying investor genuineness. Calcutta High Court dismissed an appeal filed by the Principal Commissioner...