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2021 (5) TMI 67 - AT - Income TaxReopening of assessment u/s 147 - addition u/s 68 - A.O. received information from DDIT (Inv.), Unit 7(4), Mumbai that a person named Shri Vipul Vidur Bhat has floated bogus entities and provided accommodation entries by way of bogus loan entries and assessee herein has availed loan of ₹ 15 lakhs from the above said concern - HELD THAT:- A.O. has made the addition on the basis of information received from DDIT, Mumbai and he did not examine the explanations given by the assessee vis-a-vis the books of accounts. A.O. was not justified in making the addition wholly placing reliance on the statement given by Shri Vipul Vidur Bhat and without considering the explanations furnished by the assessee. In my view, the A.O. should have examined the ledger accounts of the assessee and also explanations furnished by it, surrounding circumstances etc. to find out the genuineness of the transactions. A.O. should have provided opportunity for cross examination. Under these set of facts, this issue requires fresh examination at the end of the A.O. Accordingly restore this issue to the file of the A.O. with a direction to examine it afresh after affording adequate opportunity to the assessee - Decided in favour of assessee for statistical purposes.
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