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2016 (2) TMI 1106 - AT - Income TaxReopening of assessment - receipt of gift - reopening on the basis of report of Deputy Director(Inv.) - Held that:- "General" information was taken as good enough to make addition. The other material which their Lordships of Supreme Court called "specific" material was required to be collected. As noted earlier, general material collected about a creditor to be hawala is not sufficient even to validly initiate a reassessment proceeding. It cannot be good material to sustain an assessment. Therefore, on facts and circumstances of the case, it is not possible to hold that genuineness of entry, creditworthiness of the creditor etc. has not been established on record. Thus find no good ground to sustain addition of cash credit or commission allegedly paid by the assessee to obtain fictitious entry. - Decided in favour of assessee.
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