Reopening Quashed: AO Added Share Capital, Loan & Premium Without Understanding Transaction Nature

Sharad Agarwal Vs ITO (ITAT Jaipur) Reopening Quashed for Borrowed Satisfaction: AO Added ‘Share Capital, Loan and Premium’ Without Even Knowing the Nature of Transaction The Jaipur ITAT quashed the reassessment proceedings and also deleted the addition of ₹1.07 crore made on account of alleged accommodation entries, holding that the Assessing Officer had acted merely on borrowed satisfaction received from the Investigation Wing without conducting any independent enquiry or applying his own mind. The reassessment was initiated on the basis of information received from the Investigation W...