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2021 (10) TMI 910 - ITAT DELHIRevision u/s 263 - Reopening of assessment u/s 147 or assessment u/s 153C - Appeal raised by the assessee is that the Assessing Officer should have initiated proceedings under Section 153C of the Act instead of Section 148 - HELD THAT:- On careful consideration of the above argument, we find that on the search on Mr. S.K. Jain, no material pertaining to or belonging to this assessee was found. From the material an information was available that assessee is beneficiary of accommodation entries taken from Mr. S.K. Jain. We also found that all the material belonging to and pertaining to Mr. S.K. Jain was used as information in case of assessee. In view of this, according to us, the ld. Assessing Officer has correctly assumed jurisdiction under Section 148 of the Act. Therefore, ground No. 1 is dismissed. Eligibility of reasons to believe - On perusal of the reasons recorded by the ld. Assessing Officer, we find that there is no infirmity in the reasons recorded by the ld. Assessing Officer. He has given the complete details including the name of the middleman and mediator, who arranged these accommodation entries. Therefore, there is no infirmity in the reasons recorded, hence ground No. 2 of the appeal is dismissed. AO has not applied his mind and, therefore, 148 issued by the ld. Assessing Officer is invalid - We find that the ld. Assessing Officer has written detailed reasons after perusal of the return of income filed by the assessee. The reasons recorded, according to us, prima facie shows reason to believe with the Assessing Officer. Accordingly ground No. 3 is dismissed. Non-granting of opportunity and not considering the explanation furnished by the assessee - We find that the ld. CIT has granted more than 5 opportunities of hearing and considered the explanation of the assessee at page No. 20 of his order. Therefore, ground No. 4 is dismissed. Not a case of no enquiry, but of inadvertent enquiry - We find that the ld. CIT has himself verified the records and after verification of the records took out the relevant pages of the information. He further looked at the return of income filed by the assessee and perused the information supplied by the assessee during the course of assessment proceedings. Based on this the ld. CIT has passed the order under Section 263 of the Act. Even otherwise the documents are so glaring and clear-cut that the CIT (Appeals) after applying his mind and verifying return of income as well as the assessment records has come to the conclusion that no enquiry is made by the ld. Assessing Officer. In view of this, we dismiss ground of the appeal. - Assessee appeal dismissed.
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