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2021 (8) TMI 382 - GUJARAT HIGH COURTReopening of assessment u/s 147 - bogus transactions or accommodation entries involving the assessee - subsequent reliable and creditworthy information received from the investigating wings - HELD THAT:- In the case of Ess Kay Engineering Co. (P) Ltd. versus Commissioner of Income Tax[1997 (7) TMI 114 - SC ORDER] it has been observed that the AO is not precluded from reopening the assessment of an earlier year on the basis of fresh material discovered subsequently during the course of assessment of next assessment year. As the petitioner that the reopening was sought to be done on the basis of false and incorrect material as no amount of ₹ 20 lacs was received from Kamdhenu Marketing, however, the petitioner had made purchases from Kamdhenu Marketing and had made payments against such purchases, and that the alleged receipt of accommodation entry of ₹ 1,05,00,000/- from Jignesh Shah was also based on false information, inasmuch as, the petitioner had borrowed the said amount from Arihant Enterprise Ltd. at the relevant time when Shri Dhiren Shah was the Director of the Company and not Jignesh Shah. Apart from the fact that no such contention was raised by the petitioner in the objections filed by it on reopening of the assessment, nor in the memo of petition, and has been raised for the first time in the affidavitin- rejoinder, such contention could not be taken into consideration at this juncture, it is also pertinent to note that the petitioner was issued a notice under section 133(6) of the said Act on 21.03.2019 requesting it to furnish the evidence to prove the genuineness of the transactions mentioned therein before the issuance of the impugned notice under section 148 of the said Act, however, the petitioner had chosen not to respond to the said notice. Be that as it may, the respondent has considered all the objections in detail raised by the petitioner in the impugned order dated 13.12.2019, which order being just and proper does not call for any interference. The petition being devoid of merits is dismissed.
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