{"id":64704,"date":"2026-10-01T18:46:19","date_gmt":"2026-10-01T13:16:19","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pr-cit-v-agroha-fincap-ltd-2025-179-taxmann-com-185-2026-349-ctr-450-delhihc-editorial-slp-of-assessee-dismissed-agroha-fincap-ltd-v-pcit-2026-186-taxmann-com-281-sc\/"},"modified":"2026-10-01T18:46:19","modified_gmt":"2026-10-01T13:16:19","slug":"pr-cit-v-agroha-fincap-ltd-2025-179-taxmann-com-185-2026-349-ctr-450-delhihc-editorial-slp-of-assessee-dismissed-agroha-fincap-ltd-v-pcit-2026-186-taxmann-com-281-sc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pr-cit-v-agroha-fincap-ltd-2025-179-taxmann-com-185-2026-349-ctr-450-delhihc-editorial-slp-of-assessee-dismissed-agroha-fincap-ltd-v-pcit-2026-186-taxmann-com-281-sc\/","title":{"rendered":"Pr. CIT v. Agroha Fincap Ltd. [2025] 179 taxmann.com 185 \/ (2026) 349 CTR 450 (Delhi)(HC) Editorial: SLP of assessee dismissed, Agroha Fincap Ltd v. PCIT [2026] 186 taxmann.com 281 (SC)"},"content":{"rendered":"<p>The Assessee company received share capital along with share premium. Its return was processed under section 143(1) and no scrutiny was conducted. Subsequently, the Assessing Officer received information from the Investigation Wing that a search operation in the case of the S.K. Jain Group revealed that the Assessee had received accommodation entries of `25,00,000\/-in the form of share capital and share premium. A notice under section 148 was issued, and an assessment order was passed making the addition under section 68. The CIT(A) upheld the addition. The Tribunal quashed the reassessment holding that the approval under section 151 by the approving authority, using the language \u201cYes, I am convinced it is a fit case for reopening\u201d was mechanical and invalid, following PCIT v. N.C. Cables Ltd(2017) 391 ITR 11 (Delhi)(HC). <em>\u00a0<\/em>Allowing the revenue\u2019s appeal, the Court held that the language used by the approving authority, recording satisfaction that it was a fit case for issuance of notice under section 148, was sufficient and could not be branded mechanical merely because it was brief. The Court further distinguished N.C. Cables on the ground that in that case, a separate letter was being issued by the sanctioning authority with reference to reasons. The Revenue\u2019s appeal was also held maintainable notwithstanding the low tax effect, as the case fell within the exception carved out by the CBDT circular for accommodation entries.(AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 151: Reassessment-Sanction for issue of notice-Cash credits-Share capital and share premium received-Accommodation entries-Reopening of assessment-Approval under section 151-Single line approval recording satisfaction held valid-Competent Authority used language &#8216;Yes, I am convinced it is a fit case for reopening of assessment under section 147 by issuing notice under section 148&#8217;, same would satisfy the mandate of section 151-ITAT order quashing reassessment set aside low tax effect-Exception.  [S. 68, 147, 148, 268A]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64704","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gPC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64704","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=64704"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64704\/revisions"}],"predecessor-version":[{"id":64705,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64704\/revisions\/64705"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}