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2019 (11) TMI 504 - ITAT DELHIReopening of assessment u/s 147 - addition on account of share capital u/s 68 - HELD THAT:- From the reading of the reasons, we find that the value of the entry taken has been mentioned as ₹ 5,00,000/- twice along with the similar instrument number being 151129. The name of the account holder for each entry namely Keshav Sehkari and Umesneh Securities Pvt. Ltd. have been mentioned. Regarding the branch of entry giving bank, the reason mentioned Umesneh Securities Pvt. Ltd. and Keshav Sehkari. Not only this, the Assessing Officer has also mentioned same account number ‘625‘ for both the entries under the column account number entry giving account. Thus, AO has committed a number of mistake in the reasons recorded for issue of notice u/s 148. He also mentioned that he has reasons to believe that an income of ₹ 10,00,000/- represents the assessee’s own unaccounted income which has escaped assessment whereas the amounts received as per the bank statements is only of ₹ 5,00,000/-. This shows as absolute lack of application of mind on the part of the AO which makes the assessment null and void ab initio. The amount of ₹ 10,00,000/- is not supported by any correct cheque number whereas the allegation is that the assessee has received accommodation entry to the tune of ₹ 10,00,000/-. In our considered opinion, the basis of reopening itself is based on wrong facts therefore, the same cannot be upheld. Since, the reasons recorded by the Assessing Officer suffered from infirmity, therefore, we quash the reassessment made by the Assessing Officer without jurisdiction. - Decided in favour of assessee.
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