9911796707
TMI Blog2022 (2) TMI 524X X X X Extracts X X X X X X X X Extracts X X X X ..... he returned income. Subsequently, on the basis of information received from the DCIT, Central Circle (2), Mumbai dated 5th February, 2016 wherein it was informed that Shri Shirish C. Shah, who happened to be the main person engaged in providing bogus accommodation entries through the companies directly/indirectly controlled by him and the assessee company has received accommodation entry of Rs. 25 lakhs from M/s Dhanus Technologies Ltd., the case of the assessee was reopened by recording reasons and, accordingly, notice u/s 148 of the Act was issued to the assessee. 3. During the course of assessment proceedings, the assessee appeared from time to time and filed the requisite details. To verify the facts, the AO issued notice u/s 133(6) to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, are not valid and, therefore, the assessment basing on such invalid proceedings deserved to be cancelled and CIT (Appeals) has erred in upholding the validity of the proceedings u/s 147. 3. The Notice issued u/s 148, subsequent order passed u/s 147/143(3), impugned order passed by the CIT (Appeals) all are bad in law, because of non-fulfillment of mandatory jurisdictional conditions specified under the Act. 4. On the facts and circumstances of the case Ld. AO has erred both on facts and in law in reopening the assessment u/s 148 without obtaining valid approval as provided u/s 151 of the Act and Hon'ble CIT (A) erred in facts and in law confirming the same. 5. On the facts and circumstances of the case, the Ld. CIT(A) has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lysing the above information received and documents on record i. it is evident that the appellant company has taken accommodation entry of Rs. 25,00,000/- which is not reflected in Books of Accounts and ITR of the said year. ii. The Return of income, balance sheet & individual transaction statement as available on, ITBA portal was analysed in light of the information collected, however, the accommodation entry of Rs. 25,00,000/, which, the assessee company has taken from Dhanus Technologies, was found to be missing. 8. That Hon'ble CIT (A) erred in treating the issuance of Notice u/s 148 for AY 2011-12 on the basis of information regarding receipt of fund on 25.11.2011 as covered u/s 292 B of the Act without considering the fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion entry dated 25th June, 2011 pertains to assessment year 2012-13 whereas the addition has been made in the assessment year 2011-12. He submitted that although this fact was brought to the notice of the lower authorities, however, they neither considered the same nor applied their mind, therefore, the addition made by the AO and sustained by the CIT(A) should be deleted. So far as the validity of reassessment proceedings are concerned, he submitted that the same has been reopened on the basis of borrowed satisfaction and not on the basis of independent application of mind by the AO. He, however, submitted that he has no objection if the matter is restored to the file of the AO with a direction to verify the record and if the same does no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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