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2019 (11) TMI 980 - ITAT CHENNAIReopening of assessment u/s 147 - addition u/s 68 - HELD THAT:- AO has given the opportunity to the appellant to defend the case. But for the search at the premises of Shri. Gautam Chand Jain, this information about accommodation entries would not have come to light. The statement given by Mr.Jain U/s.132(4) is a valid evidence. The very purpose of providing accommodation entries is to create an impression of genuineness in a transaction while actually is impermissible in law. When this was the situation, and when appellant was sounded, it was the duty of Appellant to provide with further evidence to prove that the transaction was genuine. Since the Appellant has not succeeded in proving a tainted transaction with additional evidence, am constrained to accept the conclusion of the Assessing Officer as in order - Decided against assessee.
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