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2022 (6) TMI 507 - AT - Income TaxReopening of assessment u/s 147 - Bogus accommodation entry receipts - HELD THAT:- Assessee has engaged into bogus penny stock transaction, and after our disclosure of amount has not duly honoured the same. CIT(A) as well as A.O. have passed a reasonable and well reasoned order after duly complying with earlier ITAT direction. Nothing is on record on behalf of assessee to rebut the finding that it has engaged into bogus penny stock transaction. Thereafter, after again having made the disclosure, the assessee tried to cover the amount by claim of expenditure, which were totally an afterthought and assessee could not support the same despite opportunity. Moreover, the new plank raised in set aside proceedings has also been correctly rejected by the ld. CIT(A). Firstly, the assessee could not have made a fresh claim and moreover the same also was only ipse dixit, without proper corroborative material. Appeal filed by the assessee is dismissed.
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