The assesee received share application money at a premium from the \u00a0investor companies were promoted by TG, who had been found to have promoted about 90 such companies. The AO had accepted the claim made by the assessee with regard to the genuineness of the transaction without any scrutiny and accepting the statement of the assessee as truthful. At that stage, the material information, which the assessee withheld and did not disclose, was that it was dealing with companies promoted by TG, who was engaged in the business of providing accommodation entries. \u00a0The AO\u00a0 after recording the reasons\u00a0 issued the reassessment notice . The assessee challenged the\u00a0 issue of notice . Dismissing the petition the Court held that since the assessee did not dispute the receipt of monies from SI and NDC towards alleged capital infusion, the belief formed by the Assessing Officer, that taxable income of the assessee had escaped assessment could not, but, be described as reasonable. The notice of reassessment was valid.(AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147 : Reassessment \u2013With in four years- Cash credits \u2013 Share premium \u2013 Accommodation entries- Subsequent discovery that the transaction was with a name Lender \u2014 Notice of reassessment is held to be valid. [ S.68 148 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12044","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-38g","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12044"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12044\/revisions"}],"predecessor-version":[{"id":12045,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12044\/revisions\/12045"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}