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2019 (7) TMI 680 - HC - Income TaxRe-opening of assessment u/s 147 - original assessment u/s 14(3) - notice beyond 4 years - information alleging accommodation entry received from Investigation Wing - CIT(A) also noted that the incriminating documents relied upon by the AO were seized during the search u/s 132 and, therefore, the assessment proceedings should have been initiated u/s 153(C) - HELD THAT:- As regards the reopening of the assessment u/s 147, the Court finds that CIT(A) was right in holding that with the Assessee having furnished all the details during the original assessment proceedings, the reopening of the assessment after the expiry of 4 years did not meet the jurisdictional requirement u/s 147 of the Act. - decided in favour of assessee Addition u/s 68 - receipt of share capital - information alleging accommodation entry received from Investigation Wing - AO disallowed 56,800 shares were issued to the 5 parties out of the 2,30,000 equity shares issued - AO had not issued notices u/s 133(6) for verification - ITAT held that once the Assessee had discharged the initial onus by furnishing a necessary document to prove the identity and creditworthiness of the share applicants, the onus shifted on to the Revenue - HELD THAT:- This Court is not persuaded to take a different view in the matter. Indeed with the Assessee having furnished the complete details of the 5 parties necessary for proving their identity, genuineness and creditworthiness, it was for the AO to have made further inquiries if he were to doubt those details. Without undertaking that exercise, the AO is not justified in simply rejecting the explanation offered by the Assessee. - The Court is unable to find any illegality or infirmity in the impugned order of the ITAT. No substantial question of law arises. - The appeal is accordingly dismissed.
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