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2013 (6) TMI 429 - ITAT DELHIProviding accommodation entries - CIT(A) deleted the addition - Held that:- As per AO the assessee received Rs.26 lacs as bogus entries in the garb of sale proceeds of share. On the other hand, the CIT (A) allowed the appeal of the assessee with an observation that all impugned transactions are reflected in the audited accounts of the assessee, all the amounts related to impugned transactions were received through cheques and no suspicious features are noticed. The CIT (A) has also held that the AO has not raised any doubt against the said purchase and sale of shares in the earlier years. The CIT (A) concluded the assessee company has brought on record overwhelming evidence to prove the genuineness of the transactions and the AO wrongly disbelieved the transactions by erroneously observing that the genuineness of the impugned transactions was not proved without controverting the facts brought on record by the assessee showing genuineness of the transactions. Thus in view of the above, unable to see any infirmity, ambiguity or any other valid reason to interfere with the impugned order. Thus respectfully relying on ITO Vs. M/s Diplomate leasing and Finance Pvt. Ltd.[2013 (6) TMI 349 - ITAT DELHI] if sale consideration was bogus then the AO ought to have given reduction in the sale proceeds reflected in the books of accounts before making any addition in this regard. Against revenue. Reopening of assessment - Held that:- Since the appeal of the Revenue has been dismissed by the earlier part of this order and cross objection of the assessee are only supportive to the impugned order, therefore, no reason to interfere with the findings of the CIT (A) upholding the action of the AO for initiation of proceedings u/s 147 and 148 against the assessee. Accordingly, cross objection of the assessee being devoid of merits is also dismissed. Cross objection of the assessee are dismissed.
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