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2014 (7) TMI 713 - AT - Income TaxReassessment u/s 147 r.w 148 – Reason to believe - Held that:- AO has referred to the information which he received from Directorate of Investigation and as regards the transactions entered into by the assessee with concerns which had made accommodation entries and that they were not genuine transaction - The reason to believe has been properly stated by the AO and there was material basis on which the notice was issued - there was prima-facie evidence before the AO to believe that income has escaped assessment - the order of CIT(A) is upheld – Decided against Assessee. Addition u/s 68 of the Act – Share application money received – Held that:- The assessee has produced the documents to prove the identify, genuineness and credit worthiness of the share applicants - the decision in Commissioner of Income-tax Versus Gangeshwari Metal Pvt Ltd. [2013 (1) TMI 624 - DELHI HIGH COURT] relied upon - there was a lack of inquiry on the part of the AO once the assessee had furnished all the material – the order of the CIT(A) cannot be upheld as the an addition cannot be sustained merely based on inferences drawn by circumstance – Decided in favour of Assessee.
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