Held that the Assessing Officer had to form an opinion how the transaction shown in the bank account could be treated as escaped income. On the facts the Assessing Officer has simply made reference to the information and then believed that some income must have escaped the assessment. Order of CIT(A) quashing the reassessment was up held. (AY. 2007-08)
ITO v. Gujarat Storages P. Ltd (2021) 92 ITR 30 (SN) (Ahd.)(Trib.)
S. 147 : Reassessment-Investigation wing-Accommodation entries-No live link between the escapement of income and information-Reassessment notice was quashed. [S. 148]