https://www.taxtmi.com/caselaws?id=366407 The Tribunal upheld the validity of the assessment reopening and additions made by the Assessing Officer (AO). The reasons for reopening were based on information indicating accommodation entries received by the assessee from paper entities. The Tribunal upheld the addition of Rs. 80,00,000 as unexplained credit and Rs. 2,00,000 as commission for arranging accommodation entries, emphasizing the failure to prove the genuineness of transactions. Procedural lapses raised by the assessee were dismissed, with the Tribunal finding no merit in the arguments. The appeal was dismissed, highlighting the importance of considering surrounding circumstances in assessing transaction genuineness, particularly in cases involving shell entities providing accommodation entries. en-us Thu, 23 Aug 2018 00:00:00 +0530 Tue, 04 Sep 2018 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366407 The Tribunal upheld the validity of the assessment reopening and additions made by the Assessing Officer (AO). The reasons for reopening were based on information indicating accommodation entries received by the assessee from paper entities. The Tribunal upheld the addition of Rs. 80,00,000 as unexplained credit and Rs. 2,00,000 as commission for arranging accommodation entries, emphasizing the failure to prove the genuineness of transactions. Procedural lapses raised by the assessee were dismissed, with the Tribunal finding no merit in the arguments. The appeal was dismissed, highlighting the importance of considering surrounding circumstances in assessing transaction genuineness, particularly in cases involving shell entities providing accommodation entries. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366407