Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 81 - HC - Income TaxReopening of assessment - unaccounted loans - revenue submitted that all the four parties concerned had facilitated accommodation entries to assessee - Held that:- Unable to agree with revenue since the Petitioner has clearly stated that all the payments were made by account payee cheques which were encashed in the bank account of the Petitioner in the regular course of business. We find that the Petitioner has also paid interest on this loans after deduction of tax at source and TDS returns are also accordingly filed. There is no dispute in regard to the above. We find nothing to support the said contentions of the revenue. The revenue's contention in the affidavit in reply has no merit. On the other hand, the loans appear to be taken in the regular course of business and were found amongst the 45 members in respect of which all particulars have already been furnished by the assessee to the Assessing Officer No such reasons for the Assessing Officer or the revenue to come to a conclusion that income had escaped assessment. All the communication and evidence provided by the Petitioner to the revenue authorities disclosed that the loans were bonafide, taken in the regular course of business through account payee cheques. Thus the proposed reopening lacks justification and the impugned notice deserves to be quashed had set aside. - Decided in favour of assessee.
|