The Appellate Tribunal upheld the reopening of assessment u/s ...

Reopening of assessment u/s 147 due to bogus accommodation loss entries provided by the assessee confirmed. Unaccounted brokerage income upheld.

Case Laws Income Tax

June 7, 2024

The Appellate Tribunal upheld the reopening of assessment u/s 147 due to the assessee providing bogus accommodation loss entries. The AO had reasons to believe in the escapement of income, supported by evidence of layered transactions and unexplained deposits. The Tribunal found the AO's actions justified, as the assessee engaged in providing bogus losses and earned unaccounted brokerage income. The Tribunal rejected the assessee's contention on brokerage income calculation and upheld the addition of unaccounted income. The Tribunal also dismissed the argument against sustaining additions without cross-examination. The unexplained income received through layered transactions was deemed unexplained income. The Tribunal affirmed the decisions of the AO and CIT(A) based on the evidence presented.

View Source

← Previous Next →

The Appellate Tribunal upheld the reopening of assessment u/s ...

Reopening of assessment u/s 147 due to bogus accommodation loss entries provided by the assessee confirmed. Unaccounted brokerage income upheld.

Case Laws Income Tax

June 7, 2024

You may also like:

Reopening of assessment u/s 147 - ‘reasons to believe’ and ‘reasons to suspect’ - Merely on the basis of suspicion observed that the aforesaid entry might be a bogus...

The crux of the matter revolves around the reopening of assessment u/s 147 of the Act and the addition made u/s 68 treating the share application received as a...

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 u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

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...

Reopening of assessment u/s 147 - bogus accommodation entries receipts - What perplexes us as much as the assessee was perplexed is how can a company provide bogus entry...

Reopening of assessment u/s 147 - The High Court observed that, the expression “accommodation entry” and “bogus financial transaction” in the recorded reasons are not...

Reopening of assessment u/s 147 - Reopening based on information of investigation wing - Bogus purchases - two well known entry operators of the country provided bogus...

Revision u/s 263 regarding claim of accommodation entry - reliance on statements of third parties. Timelines for completing assessment u/s 143(3). Assessing officer duly...

Reopening of assessment u/s 147 - reason to believe - there was tangible material before the AO to reopen the concluded assessment as the assessee is claiming huge...

Reopening of assessment u/s 147 - reopening beyond the period of 4 years - bogus purchases transactions of diamonds - assessee was aware that, it was only an...

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...

The High Court considered the reopening of assessment u/s 147 due to accommodation entries from M/s Metal Impex, a shell entity for high-value transactions. Respondents...

Reopening of assessment u/s 147 - Bogus purchases - In view of failure on the part of the assessee in substantiating the purchases from those two parties, the Assessing...

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

Quick Updates: