TMI Blog2014 (11) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... f account nor any additional flow of capital in the assessee’s books of account. These facts stated by the learned counsel could not be controverted by the Revenue. Thus we hold that the reopening of assessment under Section 148 on the above facts was not justified. We, therefore, quash the issue of notice under Section 148 and consequently, the assessment order passed in pursuance to such notice is also quashed. - Decided in favour of assessee - ITA No. 101/Del/2013 - - - Dated:- 14-11-2014 - G. D. Agrawal (Vice-President) And I. C. Sudhir (Judicial Member) For the Petitioner : Kapil Goel For the Respondent : Vikram Sahay ORDER G. D. Agrawal (Vice-President) This appeal by the assessee is directed against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or beneficiaries) and want to introduce the same in the books of accounts without paying tax approach another person (entry operator) and hand over cash (plus commission) and take cheques/DDs/POs. The cash is deposited by the entry operator in a bank account either in his own name or in the name of relative/friends or other person hired by him. For the purpose of opening bank account. The entry operator thereafter issues cheque/DD/PO in the name of beneficiary from the same account (in which the cash is deposited) or another account in which funds are transferred through banking in two or more stages. The beneficiary in turn deposits these instruments in his bank accounts. The money comes to his regular books of account in the form of gif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer has explained the modus operandi how the nexus between the persons having black money and entry operator works. However, apart from that general theory, there is no specific details which may justify the forming of belief that the income has escaped assessment in the case of the assessee. In the reasoning, it is mentioned that the beneficiaries i.e. the persons who are having black money introduced the amount in their books of account in the form of gift, share application money, loan etc. However, it was not specified in which form the money has been introduced by the assessee in its books of account and how it is the unaccounted money. So far as the assessee s case is concerned, only the detail of some amount having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be squarely application wherein their Lordships held as under:- Held, allowing the petition, that the reassessment proceedings were initiated on the basis of information received from the Director of Income-tax (Investigation) that the petitioner had introduced money amounting to ₹ 5 lakhs during financial year 2002-03 as stated in the annexure. According to the information, the amount received from a company, S, was nothing but an accommodation entry and the assessee was the beneficiary. The reasons did not satisfy the requirements of section 147 of the Act. There was no reference to any document or statement, except the annexure. The annexure could not be regarded as a material or evidence that prima facie showed or establi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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