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2020 (6) TMI 611 - AT - Income TaxReopening of assessment - addition in respect of receipt of share capital money as accommodation entry from M/s. Finage and Finance India Ltd. - HELD THAT:- Assessee has not pointed out any distinguishable facts, therefore, no infirmity is found with regard to reopening of the assessment. Further, the A.O. has recorded reasons for reopening of the assessment based on material collected during the course of search operation in the case of Shri S.K. Jain and Shri V.K. Jain. Therefore, reliable and cogent evidences were found during the course of search and such information was considered genuine on which A.O. formed his opinion for reopening of the assessment, therefore, reopening of the assessment is valid in the matter in issue. See AVIRAT STAR HOMES [2018 (12) TMI 1397 - BOMBAY HIGH COURT] - Decided against assessee. Addition u/s 68 - assessee failed to prove identity of the Investor, its creditworthiness of the and genuineness of the transaction in the matter. A.O. specifically found that on the basis of the documents filed by assessee before him that there were regular debit and credit entries of the equivalent amount within a span of 2-3 days and such phenomina is present in the case of entry providers - burden is upon assessee to prove through reliable and cogent evidence that it has received genuine money out of the genuine transaction. If A.O. had any doubt on the paper submitted by assessee before him, it is the duty of the assessee to produce the Principal Officer/Director of the Investor Company so that A.O. could record their statement and find-out the truth. However, assessee failed to do so. Therefore, the doubts of the A.O. have not been cleared by the assessee at any stage. The burden is upon assessee to prove the ingredients of Section 68 - in the present case assessee has failed to discharge the onus lay upon it to prove such ingredients. No justification to interfere with the Orders of the authorities below in making and confirming the addition - Decided against assessee.
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