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2022 (10) TMI 227 - AT - Income TaxReopening of assessment u/s 147 - Unexplained cash credit u/s 68 - transaction of unsecured loan - case of assessee was reopened on the basis of information of DDIT (Inv.), Surat that the assessee is a beneficiary of cheque discounting transaction - HELD THAT:- Validity of reopening or invalidity of notice are mixed question of fact and which cannot be raised at this stage in absence of any cogent material or evidence which make clearly suggest that the reopening of validity of notice is not in accordance with law, therefore, we are of the view that the necessary fact and law are not emanating from the order of ld. CIT(A). Therefore, additional ground of appeal raised by assessee is dismissed. Addition u/s 68 - As both the lenders in the present case categorically stated before assessing officer that the transactions with the assessee is paper transaction and merely accommodation entry. Thus, in view of the aforesaid discussion, we do not find any merit in the submissions of the ld AR for the assessee that the transaction of unsecured loan was genuine transaction. In the present case, the assessing officer allowed cross examination of entry provider, who remained stand on their examination in chief. Hence, we affirm the order of ld CIT(A), which is assailed in ground No.2 of this appeal. In the result, ground No. 2 of the appeal is dismissed.
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