Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 235 - AT - Income TaxReopening of assessment - assessee has taken accommodation entries in the form of bogus bills - Held that:- The assessee was in employment in earlier Assessment Year and drawing salary. Therefore, the fact that the assessee started business in this year only is reiterated. From the perusal of the balance sheet, it can be seen that the figure of ₹ 4,14,86,563/- is a amount for purchases which was not correctly taken by the Assessing Officer. Thus, the Assessing Officer has totally ignored the balance sheet of the assessee, despite filing the audited books of account. Therefore, the reasons recorded itself are incorrect and does not substantiate the re-opening/reassessment. Thus, the re-opening itself is bad in law and needs to be quashed. - Decided in favour of assessee.
|