TaxTMI 
TaxTMI 
2017 (3) TMI 109
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....DER This is the assessee's appeal under Section 260A of the Income Tax Act, 1961 [hereafter "the Act"] which questions an order of the Income Tax Appellate Tribunal (ITAT). The assessee submits that the ITAT fell into error in upholding the reassessment proceedings under Sections 147/148 of the Act. The assessee was subjected to scrutiny assessment for AY 2001-02. In that year, it had issued ad....
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....tion Wing of the Income Tax Department that the above named assessee is a beneficiary of accommodation entries received from certain established entry operators identified by the wing during the period relevant to AY 2001-02. A comprehensive investigation was carried out by the Investigation Wing for identification of entry operators engaged in the business of money laundering for the beneficiarie....
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....quo;Money Laundering Scam‟ leaving the said money at the disposal of the beneficiaries without any associated cost or liability. In the instant case, the assessee is found to be beneficiary of accommodation entry from such entry operators as per the following specific details of transaction:- XXXXXX XXXXXX XXXXXX The assessee has received unexplained sums from the entry operators as pe....
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....ng of assessment is put up for kind satisfaction of CIT, Delhi-V, New Delhi, in terms of the proviso to Section 151(1) of the Act." " The assessee contested the reassessment proceedings, both on the merits as well as on the reassessment. The Assessing Officer (AO), however, rejected the objection to reassessment as well as its position on the merits and added Rs. 10 lakhs under Section 68 of the....