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2013 (6) TMI 423 - ITAT JODHPURReopening of assessment - accommodation entries - CIT(A) quashed reassessment - Held that:- It is an admitted fact that AO reopened the assessment of the assessee only on the basis of copy of account of Shri Bhupender Shrimali partner of assessee company in the books of M/s Abhvya Investments Pvt. Ltd., Mumbai associated concern. AO on the basis of the said copy of account suspected that the income of the assessee escaped assessment. However, nothing concrete was brought on record to substantiate that the assessee received any entry or made payment for accommodation entry. Therefore, the basis on which the re-assessment proceedings were initiated against the assessee was totally wrong and therefore, the reassessment proceedings were not sustainable and CIT(A) was fully justified in cancelling the reassessment framed in the hands of the assessee. In favour of assessee.
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