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2016 (5) TMI 1415 - ITAT MUMBAIValidity of re–opening of assessment u/s 147 - escapement of assessment pertains to share transactions made through Gold Star Finvest Securities Ltd. - Held that:- Assessee in her letter dated 7th November 2012, while objecting to the re–opening of assessment had specifically brought to the notice of the Assessing Officer that she has not indulged in any share transactions through Gold Star Finvest Securities Ltd. However, the Assessing Officer while completing the assessment has not referred to any share transactions through Gold Star Finvest Securities Ltd. but has referred to share transactions made through Mahasagar Securities Pvt. Ltd., which according to the Assessing Officer is an accommodation entry. If the reasons recorded are juxtaposed to the facts stated in the assessment order, it becomes clear that subject matter of re–opening as per reasons recorded and as per assessment are at variance. While in the reasons recorded for re–opening the assessment, the Assessing Officer has referred to accommodation entries provided by Gold Star Finvest Securities Ltd. in the assessment order, the Assessing Officer has referred to accommodation entries provided by Mahasagar Securities Pvt. Ltd. Therefore, in our view, the impugned assessment order has no nexus to the reasons recorded for re–opening the assessment - Decided in favour of assessee.
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