{"id":9098,"date":"2020-01-05T05:34:14","date_gmt":"2020-01-05T05:34:14","guid":{"rendered":"http:\/\/itatonline.org\/digest\/rds-project-ltd-v-acit-delhihc-www-itatonline-org\/"},"modified":"2020-02-09T06:14:44","modified_gmt":"2020-02-09T06:14:44","slug":"rds-project-ltd-v-acit-delhihc-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/rds-project-ltd-v-acit-delhihc-www-itatonline-org\/","title":{"rendered":"RDS Project Ltd  v. ACIT ( 2020) 312 CTR 345\/185 DTR 180 (Delhi)(HC), www.itatonline.org"},"content":{"rendered":"<p><strong>The assessee is in the business of civil construction . Reassessment notice was issued on the ground that Shri Tarurn Goyal who promoted 90 companies\u00a0 is alleged to be engaged in the business of accommodation entries and he confessed \u00a0and admitted that to the charge of providing accommodation entries by floating numerous companies and following layering of accounts after cash was introduced in various companies . \u00a0\u00a0On writ dismissing the petition the Court held that ,one is known by the company one keeps. As the investors have dubious character &amp; are known to have engaged in the business of providing accommodation entries., the genuineness of their transactions with the assessee has come under serious cloud, giving rise to reasonable belief in the mind of the AO that the assessee may have indulged in a dubious transaction to launder its undisclosed income. The fact that the assessee produced evidence during assessment is neither here nor there (PCIT v NRA Iron &amp; Steel Pvt Ltd \u00a0\u00a0\u00a0(2019) 412 ITR 161 (SC) followed). Costs of Rs. 2L imposed on assessee for wasting Court&#8217;s time.<\/strong> \u00a0As noticed hereinabove, learned counsel for the petitioner continued to pursue with his submissions despite this Court informing him, after the matter had been heard at substantial length, that this Court does not find any merit in the petition. This has led to absolutely unnecessary wastage of time of this Court which was avoidable, and could have been utilized to deal with other deserving and pressing cases. To discourage such practice, we are inclined to saddle the petitioner with costs which are quantified at Rs. 2 lakhs. The costs shall be payable to The Delhi High Court Advocates Welfare Trust. A copy of this order be communicated to the aforesaid trust. In case the costs are not deposited within four weeks of the receipt of the copy of this order, the matter may be brought to the notice of this Court by the trustees or their representatives.( W.P.(C.) No. 11274\/19, dt.23.10.2019) (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 147: Reassessment-  After the   expiry of four years-  Bogus share application money \u2013  Shell company &#8211;  Money received from dubious companies -0 Reassessment is held to be valid \u2013 Cost of 2 lakh was imposed on assessee for wasting Court\u2019s time  [ S. 68, 143(3) , 148 , Art, 226 ]<\/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-9098","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2mK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9098","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=9098"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9098\/revisions"}],"predecessor-version":[{"id":9709,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9098\/revisions\/9709"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}