https://www.taxtmi.com/caselaws?id=422182 The ITAT Mumbai upheld the reopening of assessment proceedings under section 147 of the Income Tax Act, 1961, and confirmed the addition of Rs 13,00,000 as unexplained cash credit under section 68. The decision was based on the AO having sufficient tangible material to believe income had escaped assessment due to the appellant obtaining bogus accommodation entries. Despite opportunities, the appellant failed to substantiate transactions or establish the genuineness of the share application money, leading to the conclusion that accommodation entries were taken. The appeal was dismissed, affirming the additions made by the authorities. en-us Wed, 20 Apr 2022 00:00:00 +0530 Wed, 11 May 2022 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422182 The ITAT Mumbai upheld the reopening of assessment proceedings under section 147 of the Income Tax Act, 1961, and confirmed the addition of Rs 13,00,000 as unexplained cash credit under section 68. The decision was based on the AO having sufficient tangible material to believe income had escaped assessment due to the appellant obtaining bogus accommodation entries. Despite opportunities, the appellant failed to substantiate transactions or establish the genuineness of the share application money, leading to the conclusion that accommodation entries were taken. The appeal was dismissed, affirming the additions made by the authorities. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422182