The AO issued reopening notice on ground that assessee got said money from Rupak Developers Pvt Ltd\u00a0 as a beneficiary in form of bogus LTCG\/STCG.CIT(A) affirmed the order of the AO.\u00a0 Tribunal set aside order of Assessing Officer holding that case was reopened on very vague reasons. On appeal by revenue the Court held that\u00a0 the\u00a0 Assessing Officer had material to show that said company was actually used for providing accommodation entries to various beneficiaries in form of bogus LTCG on sale of penny stock shares. Further as per survey conducted by Investigation Wing in case of Rupak Developers Pvt Ltd\u00a0\u00a0\u00a0 it was found that no business activity was carried out by said company. Court held that\u00a0 since assessee had\u00a0 failed to establish genuineness of transaction, creditworthiness of company, which was found to be a shell company with no business activities, reopening was done for valid reasons. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-Long term capital gains-Penny stock-Cash credits-Accommodation entries-Shell company-Reassessment is held to be valid-Order of Tribunal set aside. [S. 45, 68, 148, 260A]<\/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":[21],"tags":[],"class_list":["post-59286","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fqe","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59286","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=59286"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59286\/revisions"}],"predecessor-version":[{"id":59287,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59286\/revisions\/59287"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}