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TMI Blog2023 (10) TMI 1473X X X X Extracts X X X X X X X X Extracts X X X X ..... t the AO should examine those documents and could reject them, only if he finds fault with those documents. We notice that the AO did not find any deficiency or fault with the evidences produced by the assessee. We notice that the AO did not confront the statement given by Shri Deepak Babel with the assessee. It is the case of the assessee that the above said person has retracted his statement. The assessee has filed copy of retracted statement. The assessment order is silent about the retraction. In our view, the AO has not carried out enough examination to prove that the loan was only accommodation entry, particularly, in view of the fact that the assessee has discharged the initial burden placed upon it. In the present case we are of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded that the assessee has taken accommodation entry by way of loan and accordingly concluded that the income of the assessee has escaped the assessment. Accordingly, the AO reopened the assessment of the year under consideration. 3. In response to the query raised by the AO about the loan, the assessee submitted the PAN details, copy of bank accounts. It was submitted that the loan is duly reflected in the books of accounts of both the parties. However, the AO asked the assessee to produce directors of M/s Delight Diam P Ltd and the assessee expressed her inability to produce them. The AO issued notice u/s 133(6) of the Act and it was returned unserved. Accordingly, the AO came to the conclusion that the loan taken by the assessee is onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gation report relating to the lender. The Ld A.R submitted that the investigation report is entirely based on a statement taken from Shri Deepak Babel on 05-03-2018, but the said statement has been retracted by him on 28-03-2018. Accordingly, the Ld A.R submitted that the AO could not have initiated reassessment proceedings on the basis of a retracted statement. 6. We notice that the AO has mainly relied upon the report of investigation wing to come to the conclusion that the assessee has availed only accommodation entries. He has also referred to the non-reply of the notices issued by them. As noticed earlier, it is not the case of the AO that the assessee did not discharge initial burden placed upon her u/s 68 of the Act. When all the rel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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