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2022 (5) TMI 500 - AT - Income TaxValidity of reopening of assessment u/s 147 - Eligibility of reason to believe - bogus accommodation entry - HELD THAT:- We fully agree with learned CIT(A) that the Assessing Officer was in receipt of tangible material from the reliable source of Investigation Wing of the Income Tax Department. Information so received had live link with the reason to believe that income has escaped assessment. The reliance by learned CIT(A) appears on the decision of Hon'ble Supreme Court in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. [2007 (5) TMI 197 - SUPREME COURT] is fully applicable. Hence, we do not find any infirmity in the order of learned CIT(A). Addition u/s 68 - As regards the merits of the case we note that consequent upon information that the assessee has engaged in obtaining bogus accommodation entry the tune of Rs. 3.10 crore, assessee has except for denial not provided any cogent material to respond to the query raised in this regard. Assessee has not submitted the relevant details called for. The assessing officer has noted that assessee has wanted time to provide the necessary details but had failed to do so despite repeated notices. The learned CIT(A) has also given the finding that assessee’s denial that the transaction was not entered cannot be accepted as assessee has failed to submit full bank account and submitted only part of Bank account. We find learned CIT(A) is correct in holding that when the assessee has been found to be engaged in bogus accommodation entry by investigation wing and assessee simply denies the same without submitting complete details of bank statement assessee's plea has no legs to stand. In this view of the matter we do not find any infirmity in the orders of authorities below. - Decided against assessee.
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