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2021 (1) TMI 54 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68/69 - assessee has taken an accommodation entries from eight companies - non disposal of objection filed to the notice under section 148 by assessee - HELD THAT:- In absence of disposal of objection filed to the notice under section 148 of the Act through speaking order, the entire reassessment proceedings is in disregard to the principle laid down by Hon'ble Supreme Court of India in the case of G.K.N. vs. Driveshafts (India) [2002 (11) TMI 7 - SUPREME COURT] - Therefore, we declare the notice under section 148 of the Act is contrary to the law, null and void and assessment subsequently framed is also cancelled similarly the impugned order passed by the learned First Appellate Authority is also sustainable in the eyes of law, we cancel the orders passed by the Revenue authorities by deleting the addition in dispute and accepting the appeal filed by the assessee. Approval in terms of section 151 - As perused that the notice under section 148 of the Act is dated 27.03.2015 whereas the Joint Commissioner of Income Tax, Range-23, New Delhi has given the approval on 28.03.2015 as per page 5 of the paper book. We declare this approval is also not as per law and the AO issued notice under section 148 of the Act prior to the approval by the competent authority, same is also not valid. Addition under section 69 being purchases made by the assessee even though same is quoted from relevant documents which the assessee has produced in the shape of paper book and has also all the necessary documentary evidence before the Assessing Officer including ledger account, bill and bank statement and payment made by cheque reflected in the books of accounts of the assessee and Assessing Officer on the same has not brought on record any negative evidence and wrongly said that the bogus transaction which is contrary to the evidence filed by the assessee and the addition in dispute is also liable to be cancelled and we cancel the same. Appeal filed by the assessee is allowed.
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