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TMI Blog2010 (12) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is two folds. In the first fold of ground, it is challenging reopening of assessment by issuance of notice u/s 148 of the Incometax Act. In the second fold of grievance, it is impugning addition of ₹ 4,01,000/- with the aid of section 68. 3. The learned counsel for the assessee at the very outset submitted that issue in dispute is squarely covered in favour of the assessee by the decision of Hon'ble Delhi High Court rendered in the Writ Petition No.6087/2010 in the case of Sarthak Securities Co. Pvt. Ltd. vs. ITO. He placed on record copy of the judgment, which was delivered on 18.10.2010. The learned counsel for the assessee submitted that Hon'ble Court has reproduced the reasons recorded by the Assessing Officer for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26.2.2007. He issued a notice u/s 148 of the Income-tax Act. The reasons recorded by the Assessing Officer read as under :- "1. The Assessee filed return of income on 30/10/03 declaring loss of ₹ 89472/-. 2. As per information received from the office of the DIT (Investigation), New Delhi, vide letter No.DIT(lnv)-1/2006- 07/AE/253 dated 16/6/06, the assessee company has taken two entries of ₹ 2.00 Lac each on 11/1/03 and 31/12/02 from M/s Nishant Finvest P Ltd and M/s Kuberco sale P Ltd. The said companies are stated to have issued the above said cheques from their A/c No.50080 and 50084 with the State Bank of Patiala (SSP). The said cheques are stated to have been credited in the assessee a/c with the South India Bank (SIB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation received from the DIT (Inv) the accommodation entries are received as share application money or as unsecured loan. The assessee's Balance sheet as on 31/3/2003 showed that there is introduction of share capital of ₹ 284800/- and share premium of ₹ 865000/-. In this case return of income for the AY 2003-04 was filed on declaring income of ₹ 15360/- and as per records asstt has not been completed u/s 143(3) of the I.T. Act. As the assessee had received bogus accommodation entry of ₹ 1050000/- during the AY 2003-04, I have reason to believe that income chargeable to tax has escaped assessment." On an analyse of various case laws on the issue of reopening coupled with the above reasons, Hon'ble Court h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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