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2018 (1) TMI 588 - AT - Income TaxReopening of assessment - incorrect and non-existing reasons for reopening - Held that:- It is an admitted fact that reopening of the assessment was made in this case because as per information received from CIT (Central), Kolkata through CBI that assessee received accommodation entry from M/s. Basant Marketing (P) Ltd., for a sum of ₹ 2,07,85,000 in assessment year under appeal. The assessee denied to have received any such accommodation entry in assessment year under appeal which was also confirmed by the concerned party. The contention of the assessee has been accepted by the A.O. Copy of the reasons are also filed on record. It was, therefore, clear that A.O. recorded incorrect and non-existing reasons for reopening of the assessment. Therefore, on the face of it, the reopening of the assessment is void and bad in law. The case of the assessee is squarely covered by the decision of the Hon’ble Punjab & Haryana High Court in the case of Atlas Cycle Industries (1989 (4) TMI 48 - PUNJAB AND HARYANA High Court) - Decided in favour of assessee.
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