Tribunal held that incriminating material found during search the lenders are accommodation entries providers hence reassessment is held to be justified. On merit the assessee failure to prove identity of investor, its creditworthiness and genuineness of transaction accordingly addition Justified. (AY. 2006-07)
RMP Holding P. Ltd. v. ITO (2020) 83 ITR 108 / 206 TTJ 1 (UO )(Delhi)(Trib.)
S. 147 : Reassessment-Incriminating material found during search-Accommodation entries-Reassessment is held to be justified-Failure to prove identity of investor, its creditworthiness and genuineness of transaction-Addition Justified. [S. 68, 148]