2015 (12) TMI 497

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....en accommodation entries in the form of gifts, share application, loans etc. Perusal of this information revealed that there were entries in the books of accounts of the assessee in its accounts maintained with ANZ Grindlays Bank and Standard Chartered Bank from M/s. Arpit Sales Corpn. and Mr. Vishal Aggarwal. The total amount of the entries worked out to Rs. 5 lacs taken in the month of February, 2002. On the basis of this information / details, the AO recorded reasons and belief for escaped income and after obtaining prior approval from the concerned authority issued notice u/s 148 of the Act. In compliance to the said notice, the assessee submitted that the original return filed vide acknowledgment No. 1975 dated 31.10.2002 may be consid....

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....ons making investments of share application money during the year at the time of original assessment proceedings itself. He drew our attention to pages 69 to 86 of the paper book filed by the assesee in support of his claim. He drew our attention to pages 69 to 72 which are copies of the order sheet and questionnaire of the AO requiring details of share application money received during the year. Pages 73 to 86 are copies of various documents submitted before the AO in response to his questionnaire regarding share application money received during the year. It is the AR's contention that the receipts of Rs. 5 lacs were duly examined by the AO by making specific inquiries and verifying various documents and evidences filed during the cou....