Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1418 - AT - Income TaxValidity of re-opening assessment - additions of unexplained cash credits u/s 68 - Held that:- Assessing Officer’s remand report has nowhere been able to prove the relevant entry of ₹ 1.25 lac alleged to have been availed from Shri Surendra Kumar Jain. AO has rather shifted negative burden on the assessee that it could not be proved that it had not taken any accommodation entry in this regard. As find that the same sufficiently tilts the case in assessee’s favour as the Assessing Officer’s reopening reasons itself does not survive in these facts and circumstances. Therefore hold that the Assessing Officer had not correctly assumed the re-opening jurisdiction in absence of any such entry between assessee and the said entry operator. The sole reopening reason is not sustainable in the eyes of law therefore. - Decided in favour of assessee.
|