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2016 (5) TMI 625 - AT - Income TaxValidity of reopening of assessment - information received from the investigation wing - introduction of own unaccounted money in its bank by way of accommodation entry - Held that:- There was lack of application of mind by the Assessing Officer while acting upon the information received from the investigation wing of the department. The Assessing Officer did not appreciate that there was repetition of same entries and the Assessing Officer has totally banked upon the investigation made by the Investigation Wing of the Department. He did not bother himself to verify the veracity of the information received nor had he confronted the assessee with the claimed various material and report received from the investigation wing of the department, on perusal of which the Assessing Officer has claimed in the reasons recorded that, it was evident before him that the assessee had introduced its own unaccounted money in its bank by way of accommodation entry. We thus respectfully following the ratio laid down in Pr. CIT vs. G & G Pharma India Ltd. [2015 (10) TMI 754 - DELHI HIGH COURT] hold that the initiation of re-opening proceedings in the present case by the Assessing Officer was not valid and the assessment made in furtherance to such initiation is also held void ab initio. - Decided in favour of assessee
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