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2014 (12) TMI 51 - AT - Income TaxValidity of reopening u/s 147 r.w. section 148 – Non-application of mind by AO - lack of tangible material/reasonable cause and justification - Held that:- In SARTHAK SECURITIES CO. PVT. LTD. Versus INCOME TAX OFFICER-WARD 7(3) [2010 (10) TMI 92 - DELHI HIGH COURT] it has been rightly held that the only information received by the AO was that M/s Aayushi Stock Brokers (P) Limited is found to be providing accommodation entries in the form of bogus share transactions, bogus share capital etc. - the detail given is only with regard to name of the bank, ledger account number and amount - even the nature of transactions is not given, much less to establish that the above transactions are in the nature of accommodation entries - the assessee has only sold the shares through M/s Aayushi Stock Brokers (P) Limited and the sale proceed has duly been considered while computing the income of the assessee for the assessment year - the notice issued u/s 148 was not valid and is to be set aside – Decided in favour of assessee.
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