9911796707
TMI Blog2011 (7) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... se are that assessee-company has filed its return of income on 31.10.2001 declaring an income of ₹ 15,880/-. The return of the assessee was processed u/s 143(1) of the Income-tax Act. The Assessing Officer had received an information from the investigation wing of Delhi that assessee had received accommodation entries from the entry operators, after paying its unaccounted cash. The Assessing Officer has reopened the assessment by issuance of a notice u/s 148 of the Incometax Act. In the reassessment proceeding, Assessing Officer confronted the assessee that it has received the sum of ₹ 9 lacs from M/s M.V. Marketing Pvt. Ltd., why this amount may not be treated as unexplained income of the assessee? In response to the query of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The reliance placed by the assessee company on the court decisions is not relevant to the case of the assessee as in those cases there was no doubt as to the genuineness of the transactions and there was no occasion for the court to consider the case of accommodation entries involving giving false entries in lieu of cash. Since the assessee company failed to discharge its onus to prove the above, the total amount of Rs. 9,00,000/-, mentioned above, is added to the total income of the assessee company u/s 68 of the Income-tax Act, 1961. For the reasons discussed above penalty proceedings u/s 271(1)(c) of the Income-tax Act, 1961, are initiated separately against the assessee for concealing true particulars of its income. 3. On appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cated one. 5. The learned DR at the time of hearing relied upon the order of learned ITAT in the case of Omega Biotech Ltd. She placed on record the copy of the Tribunal s order. 6. We have duly considered this order and we are of the view that it is an order given in particular sets of facts. It does not lay down any ratio of law. It is an adjudication of list between the parties. The Tribunal has just set aside the issue for reinvestigation to the Assessing Officer, whereas the learned First Appellate Authority has made a reference to a large number of decisions of the Hon ble Delhi High Court. Taking into consideration all these facts, we do not find any merit in this appeal. 7. In result, appeal of the revenue is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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