Reopening notice invalid if no tangible material to establish escapement of income

ACIT Vs Sh. Ravi Parkash Aggarwal (ITAT Delhi) ITAT have gone through the reasons recorded. The first four lines consists of a factual information received from the DDIT (Inv.), Mumbai, the second part indicates that it has been established from the report that the assessee has taken accommodation entries and the third part consists of failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. The AO mentions so as to reopen the case, it was established that BL Jain Group was providing accommodation entries of unsecured loan and bogus purch...