2017 (3) TMI 109

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..... cants appeared to be not in existence and did not answer summons issued under Section 131 of the Act. Furthermore, given that the findings are concurrent by three lower authorities and relate to questions of fact, this Court is of the opinion that no question of law arises. - ITA 348/2016 - - - Dated:- 7-2-2017 - S. Ravindra Bhat And Najmi Waziri, JJ. For the Petitioner : Sh. Deepanshu Jain and Sh. Gaurav Mittal, Advocates For the Respondent : Sh. Sanjay Kumar, Jr. Standing Counsel ORDER This is the assessee s appeal under Section 260A of the Income Tax Act, 1961 [hereafter the Act ] which questions an order of the Income Tax Appellate Tribunal (ITAT). The assessee submits that the ITAT fell into error in upholdin .....

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..... nformation contained in the report and the evidences gathered. The report provides details of the modus operandi of the money laundering scam‟ and explain how the unaccounted money of the beneficiaries are ploughed back in its books of account in the form of bogus share capital/capital gains, etc. after routing the same through the bank account(s) of the entry operators. Entry operators were identified after through investigation on the basis of definitive analysis of their identity, credit worthiness and the source of the money ultimately received by the beneficiaries. These entry operators are found to be mostly absconding after the unearthing of the Money Laundering Scam‟ leaving the said money at the disposal of the benefi .....

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..... 0 lakhs under Section 68 of the Act in the reassessment. This was upheld by the CIT(A). The ITAT too rejected the assessee s appeal. It is contended that the ITAT fell into error in not appreciating that the material could not be said to indicate any tangible document or thing authorising the reopening of a completed assessment. Learned counsel emphasized that all details with respect to the assessee/applicant s particulars, such as addresses, confirmation letters, PAN details, bank details etc. had been produced and in the circumstances, the assessee already having gone through a scrutiny assessment could not have been subjected to reassessment leading to additions. The Reasons to Believe extracted by this Court in the previous par .....

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