Validity of the reassessment order u/s 147 - addition of bogus ...

Case Laws Income Tax

August 25, 2021

Validity of the reassessment order u/s 147 - addition of bogus accommodation entry - AO has not even mentioned as to what was the nature of entry as given in the report and simply saying that assessee received entry (of huge amount) from entry operators during the period is not sufficient. Such a vague reasons cannot justify the reopening and as observed above, the Assessing Officer can validly acquire jurisdiction only when the reasons recorded itself points out or speaks of live link nexus with the material available on record and income escaping assessment and it should not be vague or mere pretence - the reasons recorded does not confer any jurisdiction to him reopen the case - AT

View Source

← Previous Next →

Validity of the reassessment order u/s 147 - addition of bogus ...

Case Laws Income Tax

August 25, 2021

You may also like:

Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

Bogus purchases - addition @ 12.5% of the bogus purchases - accommodation entries - no actual delivery of goods - notices issued u/s 133(6) were returned back unserved...

The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's...

Reassessment proceedings after information received from Director of Investigation regarding bogus/accommodation entries - HC

Reopening of assessment u/s 147 - Reopening beyond period of four years - reasons to believe - Even assuming, Revenues’ case is petitioner should have disclosed that...

Reopening of assessment - accommodation entries - nothing concrete was brought on record to substantiate that the assessee received any entry or made payment for...

Reassessment of assessment u/s 147 - Reason to believe - unexplained credit - In the reasons recorded, it is nowhere mentioned as to who had given bogus...

Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Addition of non-genuine and merely accommodation entries - There could be several reasons for arranging bogus accommodation entries towards bogus purchases, which could...

The assessee received share application money and premium from a company that admitted to providing accommodation entries. The AO rejected the assessee's claim, citing...

Bogus accommodation entry - addition in dispute is not solely on the basis of the statement of the persons and the Assessing Officer has relied on other materials. The...

Addition u/s 68 - bogus LTCG - share capital and share premium were merely paper credit entries - receipt of accommodation entries in lieu of commission paid - The...

Addition u/s 68 - bogus accommodation entry - There is no presumption that the people having smaller income cannot make small savings. Moreover, there is no linkage on...

Quick Updates: