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TMI Blog2021 (5) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer has wrongly assumed jurisdiction under Section 148 of the Act and grossly erred in re-opening assessment which is in violation of mandatory jurisdiction conditions stipulated under the Act and secondly on merits the assessee claimed that the addition of Rs. 20.40 lakhs is against the facts of the case. 3. At the very outset, the learned counsel for the assessee drew my attention to the order of the Tribunal dated 10.12.2018 by which the Tribunal has disposed of a bunch of appeals and the appeal of the appellant in that consolidated order is at I.T. Appeal No. 2857 (Del) of 2017 pertaining to the assessment year 2007-08. In that appeal the challenge was the assumption of jurisdiction by the Pr. Commissioner of Income Tax un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited. 011048 28 . 03. 2007 M/s. SPJ Hotels (P) Limited 5,00,000/- M/s. Vogue Leasing & Finance (P) Limited 011047 28.03.2007 I have very carefully considered the aforesaid piece of information and the modus operandi of the entry operator Surender Kumar Jain and its controlled entities. I find that the quantum of amount of such entries received by the assessee company M/s. SPJ Hotels (P) Limited as per details mentioned above is Rs. 10,00,000/-. These accommodation entries taken by M/s. SPJ Hotels (P) Limited are earlier identified and examined by the Investigation Wing to establish that all these entry providing entities were tools in Surender Kumar Jain business of providing accommodation entries in lieu of cash/cheques t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act was quashed. The relevant findings of the Tribunal, read as under :- " 13.2. Since the facts are totally different as A.O. had reason to believe that Rs. 10 lakhs has escaped assessment on account of Rs. 5 lakhs received from two companies referred to above, which was ultimately found to be incorrect and nonexistent, therefore, there may not be any application of mind on the part of the A.O. to proceed to initiate the re-assessment proceedings. There is no other material available on record except the information received from the Investigation Wing. The A.O. on the basis of the information and material received from Investigation Wing has recorded reasons for reopening of the assessment which was ultimately found to be incorrect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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