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2015 (7) TMI 1284 - ITAT DELHIReopening of assessment - assessee as accommodation entry beneficiary - Held that:- As decided in Signature Hotels P. Ltd. vs. Income Tax Officer [2011 (7) TMI 361 - DELHI HIGH COURT] case according to the information, the amount received from a company, was nothing but an accommodation entry and the assessee was the beneficiary. The reasons did not satisfy the requirements of Section 147 of the Act. There was no reference to any document or statement, except the annexure. The annexure could not be regarded as a material or evidence that prima facie showed or established nexus or link which disclosed escapement of income. The annexure was not a pointer and did not indicate escapement of income. Further, the Assessing Officer did not apply his own mind to the information and examine the basis and material of the information. There was no dispute that the company, had a paid-up capital of ₹ 90 lakhs and was incorporated on January 4, 1989, and was also allotted a permanent account number in September, 2001. Thus, it could not be held to be a fictitious person. The reassessment proceedings were not valid and were lliable to be quashed. - Decided in favour of assessee
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