S. 147 : Reassessment-After the expiry of four years-Bogus purchases and sales-Accommodation entries-Information from DDI (Inv)-Cross examination-Denied giving accommodation entries-Reassessment order is quashed. [S. 69C]
The assessment was reopened on the basis of information received from DDIT (Inv) on the basis of enquiry on Giriraj Enterprises, the proprietor Mr. Harish K. Chandak alleged has given accommodation entries. On appeal the Tribunal held that the assessee has submitted ledger copy of Giriraj Enterprises, Bank statements, conformation etc. In the statement on oath Mr. Harish Chandak has denied having given hawala bills to the appellant. Tribunal held that the reopening is done only on the basis of information from DDIT (Inv) hence the reopening is bad in law. Accordingly the addition is deleted. (ITA No. 1687/Mum/2024 dt. 1-8-2024)(AY. 2009-10).
Allied Engineers and Elastomers v. ITO (Mum.)(Trib.) www.itatonline.org.
[Coram: Hon’ble Ms. Padmavathy S. AM & Hon’ble Shri Rahul Chaudhary, JM]