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2017 (12) TMI 254 - HC - Income TaxReopening of assessment - accommodation entry - validity of jurisdiction to initiate reassessment proceeding against the petitioner - Held that:- The information received by the petitioner's Assessing Officer is specific, both as to the amount as also to the character of it being an accommodation entry. Not only that the information states that the entries are accommodation entries but that information further states that the person who is shown as a creditor in books of account of the assessee has himself denied the genuineness of that entry. Prima facie, therefore, there is both material as also a reason to believe that the said entries are accommodation entries. In that view of the matter, we find that the jurisdiction appears to have been validly exercised by the Assessing Officer. - Decided against assessee.
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