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2017 (7) TMI 137 - ITAT MUMBAIGenuineness of the transaction - accommodation entries - reopening of assessment - Held that:- In view of the incriminating evidence/by way of statement of Shri Narendra R. Shah, the Revenue has doubted the genuineness of the transaction. Once the Revenue has doubted the genuineness of the transaction, the onus shifts back to the assessee to prove by the cogent evidences/material that the above said transaction in shares was genuine. The assessee during the course of proceedings before us has raised legal issues which goes to the root of the matter that the Assessing Officer has does not have the original records of the assessment and also that no approval of CIT-A was taken before reopening of the assessment. Further contention was raised that the statement of Shri Narendera R. Shah was not provided to the assessee nor opportunity to cross examine said Narendra R Shah was given to the assessee. Further the assessee has raised the contention that said narendra R. Shah is not connected with M/s Surya Deep Salt Refinery and Chemical Works Ltd.. All these contentions are legal contention, which requires investigation of facts, therefore, the interest of justice will be best sub served if the matter is set-aside and restored to the file of the Assessing Officer to denovo determine the issue on merits after giving opportunity of being heard to the assessee. Appeal of the assessee is allowed for statistical purposes only.
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