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2017 (11) TMI 1731 - AT - Income TaxValidity of re-assessment u/s. 147/148 - Information was received on the basis of search and seizure action u/s. 132 - specific information and admission of Shri Mukesh Chokshi - bogus entries of speculation profit/loss, commodities profit/loss - Held that:- Information was received on the basis of search and seizure action u/s. 132 of the act carried out in the group cases of M/s, Mahasagar Securities Pvt. Ltd. (now known as Alang Securities Security Pvt. Ltd.) wherein in the course of search Shri Mukesh Chokshi, who was managing and controlling the said group had admitted in his statement that the group was engaged in providing bogus entries of speculation profit/loss, commodities profit/loss. AO has initiated action u/s. 147 by issuing notice u/s. 148 after analyzing the information received from the investigation wing on the basis of action carried out u/s. 132 as the main person has admitted that these companies were not doing genuine business. Reopening of the case assessee was initiated on the basis of specific information and admission of Shri Mukesh Chokshi in this order. Therefore, we do not find any error in the findings of the ld. CIT(A) on this issue. Accordingly, this ground of the assessee is dismissed.
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