2016 (2) TMI 997

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....rn of income on 28.9.2000 declaring income of Rs. 3,96,115/-. The assessments were reopened u/s 147 of the Act. The reopened assessments were completed u/s 143(3) of the Act on 26.12.2007 determining the total taxable income at Rs. 68,96,120/-. On appeal the First Appellate Authority granted relief by deleting the addition made u/s 68 of the Act. On the issue of reopening the Ld.CIT(A) held against the assessee. Aggrieved with the finding on merits the Revenue has filed an appeal and the assessee has filed a Cross Objection on the issue of reopening. 3. We have heard Shri Ved Jain, the Ld.Counsel for the assessee and Shri Manoj Chopra, Ld.Sr.D.R. on behalf of the Revenue. On a careful consideration of the facts and circumstances of the cas....

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....er the AO applied his mind to the materials that he talks about particularly since he did not describe what those materials were. Once the date on which the so called accommodation entries were provided is known, it would not have been difficult for the AO, if he had in fact undertaken the exercise, to make a reference to the manner in which those very entries were provided in the accounts of the Assessee, which must have been tendered along with the return, which was filed on 14th November 2004 and was processed under Section 143(3) of the Act. Without forming a prima facie opinion, on the basis of such material, it was not possible for the AO to have simply concluded: "it is evident that the assessee company has introduced its own unaccou....