Reopening u/s. 148 quashed as genuineness of loan already established

Balkrishna Mangaldas Thakkar Vs DCIT (Gujarat High Court) Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act alleging accommodation entries not sustained in absence of any supporting, independent, tangible material. Accordingly, reopening quashed as genuineness of loan established. Facts- By this petition under Article 226 of the Constitution of India, the petitioner has challenged the validity of the order passed under Section 148(d) of the Income Tax Act, 1961 dated 31.03.2022 whereby the respondent has held that this was a fit case for issuance of n...