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2015 (5) TMI 845 - AT - Income TaxReopening of assessment - Held that:- We find that notice u/s 148 had been issued primarily on the basis of information received from Investigation Wing of department regarding accommodation entries received from M/s Garg Finvest (P) Ltd. amounting to ₹ 3,00,315/-. Therefore, it is not correct to say that no addition had been made in respect of the amounts on which notice u/s 148 had been issued. - Decided against assesse. Commission paid for obtaining the said accommodation entry - Held that:- Nothing has been brought on record to controvert the findings of ld. CIT(A) that assessee has not been able to establish the genuineness of the transactions and keeping in view the contrary stand taken by the assessee during assessment proceedings and after the details of the inquires were confronted to assessee, we find no reason to interfere with the order of lower revenue authorities on this count. - Decided against assesse. Disallowance u/s 14A by applying Rule 8D - Held that:- CIT(A) correctly did not apply Rule 8D by observing that the said Rule was applicable w.e.f. assessment year 2008-09, as laid down by the Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] and applying formula for computing disallowance u/s 14A in cases prior to AY 2008-09 where the provisions of Rule 8D of IT rules are not applicable - Decided in favour of assesse.
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