Allowing the petition, the Court held that the assessee has provided bank statement and details of parties in respect of loan and advances during original assessment proceedings, presumption based on statement of third party in course of search was dispelled and, consequently, notice issued under section 148 for reopening was to be quashed and set aside. (AY. 2008-09)
Aditi Constructions v. Dy. CIT (2023)454 ITR 456 / 151 taxmann.com 513/ 293 Taxman 710 (Bom)(HC)
S. 147 : Reassessment–After the expiry of four years – Cash credits – Accommodation entries – Statement of third party – Presumption that the assessee was beneficiary – No tangible material –No failure to disclose material facts – Reassessment notice and order disposing the objection was quashed. [S. 68, 132, 153C, 148, Art. 226]