Allowing the appeal of the assessee the Court held that alleged bogus accommodation entries were received in earlier assessment year 2010-11 and were already verified and assessed by revenue authorities. Hence reopening of assessment in current assessment year is held to be not valid. (AY. 2013-14)
Jalaram Enterprises (P.) Ltd. v. ITO (2019) 262 Taxman 404 (Bom.)(HC)
S. 147 : Reassessment–With in four years-Cash credits–Bogus accommodation entries- sums were received in earlier assessment year 2010-11 and were already verified and assessed by revenue authorities- Reopening of assessment in current assessment year is held to be not valid. [S. 68, 133, 148].