TMI Blog2016 (9) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... avor of assessee - ITA No. 2637/Del/2015 - - - Dated:- 8-9-2016 - J. Sudhakar Reddy (Accountant Member) For the Assessee : Ved Jain, Ashish Goel, Ashish Chadha For the Department : Anil Sharma ORDER This appeal filed by the assessee is directed against the order of the CIT(A) dated 30.12.2014 for the assessment year 2006-07 on the following grounds:- 1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad both in the eye of law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in rejecting the contention of the assessee that proceedings initiated under Section 147, rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition can be made only of the peak credit in the said bank account. The appellant craves leave to add, amend or alter any of the grounds of appeal. 2. After hearing the rival contentions, I find that the AO tried to assume jurisdiction by issuing notice u/s 148 for reopening the assessment. He has recorded the reasons for reopening the assessment as follows:- Reasons for reopening of the case u/s 147/148, A.Y. 2006-07 In this case, as per AIR information (without PAN) contained in a CD circulated by the CCIT-I, Delhi vide letter F.No. CCIT/Delhi/Juris/CRPU/2007-08/10065 dated 05.12.2008 and further the same was forwarded by ITO, Ward-29(4) vide letter F.No.ITO/Ward 29(4)/DAO/CashDeposit/204/2011-12/609 dated 15.03. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tated: I have also perused various materials and report from Investigation Wing and on that basis it is evident that the assessee company has, introduced its own unaccounted money in its bank account by way of above accommodation entries. The above conclusion is unhelpful in understanding whether the AO applied his mind to the materials that he talks about particularly since he did not describe what those materials were. Once the date on which the so called ITA No. 3602/Del/2010 C.O. No. 276/Del/2010 A.Y. 2000-2001 M/s Bawa Float Glass Limited 3 accommodation entries were provided is known, it would not have been difficult for the AO, if he had in fact undertaken the exercise, to make a reference to the manner in which those very entries ..... X X X X Extracts X X X X X X X X Extracts X X X X
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