2021 (8) TMI 855

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....he Act on 01.03.2005 at income of Rs. 25,81,000/-. Subsequently, the case of the assessee was reopened u/s 148 of the Act after recording following reasons:- "Assessment in this case was completed at an income of Rs. 25,81,000/- on 01.03.2005. As per the information received from Investigation Wing, Income Tax Department, New Delhi regarding list of Accommodation Entries, the above mentioned assessee was found to have taken accommodation entries amounting to Rs. 30,03,390/- from the following parties. i. Swetu Stone Pvt. Ltd. amounting to Rs. 15,01,875/- ii. Sekhawa Finance Pvt. Ltd. amounting to Rs. 15,01,515/- During the course of search/survey on the above parties, it has been proved that said companies/parties are involved in gi....

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....ssion or evidence filed and therefore, confirm the Additions even without considering the GOA. 2. Whether the Ld. CIT( A) was justified by upholding the order of Ld. A.O. that they is no infirmity / illegality by assuming the jurisdiction u/s 147 and there are no difference even if allegation based upon the statement of company i.e. the provider that transaction entered are in the nature of Accommodation entries. 3. Whether the LD CIT( A) was justified by holding that there is no illegality by issuing notice u/s 148 because the same have been issued after proper approval as required u/s 151(2). 4. Whether the LD CIT( A) was justified by holding that there is no illegality by making additions u/s 68 on account of unexplained credit ....