The High Court considered the reopening of assessment u/s 147 ...

Petitioner used shell entity for accommodation entries, failed to provide evidence, writ petition dismissed.

Case Laws Income Tax

June 13, 2024

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 relied on bank statements linking petitioner to Metal Impex for accommodation entries, leading to suspicion of escaped income. Petitioner requested Suspicious Transaction Report but did not deny transactions or provide relevant material. Court found no grounds for interference u/s Article 226 and dismissed the writ petition.

View Source

← Previous Next →

The High Court considered the reopening of assessment u/s 147 ...

Petitioner used shell entity for accommodation entries, failed to provide evidence, writ petition dismissed.

Case Laws Income Tax

June 13, 2024

You may also like:

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

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...

Exemption from GST or not - activity of providing the hostel on the rent to various students by applicant - hostel fees charged per student per day is much less than...

Reopening of assessment - as alleged Petitioner was a beneficiary of accommodation entries - Notices under Section 148A(b) were issued, alleging escaped income, followed...

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...

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

The court held that the petitioner was not an intermediary but directly engaged in providing services to an entity outside India. The respondents erroneously classified...

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

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...

The court dismissed the petitioner's application for regular bail in a money laundering case. The key points are: The predicate offence involved Veerendra Kumar Ram...

The reopening of assessment u/s 147 was based on information received from the tax department's investigation wing regarding two entities from whom the petitioner had...

This is a case regarding the applicability of GST exemption under Entry 3B of Notification No. 13/2017-CT (Rate) dated 28.06.2017 for services provided by the applicant...

Petitioner failed to submit original shipping bills to substantiate claimed exports, providing only photocopies which were not accepted for meeting export obligation....

The assessee provided documentary evidence supporting the purchase and subsequent sale of shares leading to long-term capital gains (LTCG). The evidence included...

Violation of principles of natural justice - Reliance on the Enquiry Reports - The court highlighted that the petitioner was given multiple opportunities to respond to...

Quick Updates: