2020 (7) TMI 130 - ITAT KOLKATA - Income Tax

Head Note / Extract:
Reopening of assessment - bogus purchases - According to AO, merely using of banking channels for payments could not establish the genuineness of the transaction, when the accommodation entry provider has himself on oath submitted that they are providing accommodation entry - HELD THAT:- Similar matter has been adjudicated by this Tribunal. It has been brought to my notice by the ld.AR of the assessee that this Tribunal has deleted similar addition in the case of M/s. M.B Jewellers & Sons vs. DCIT [2018 (5) TMI 1695 - ITAT KOLKATA] wherein on similar grounds/facts the additions made by the AO on the strength of statement of ShriRajendra Jain had been deleted. - Decided in favour of assessee.