2017 (6) TMI 331

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....of material gathered behind back of the assessee without providing its copy to the assessee and without allowing it an opportunity to submit his explanation thereon rendering his assessment order to a nullity." 2. Relevant facts of the case are that, as a result of search/survey U/s 132/133A of the Income Tax Act, 1961 (in short the Act) conducted at the residential and business premises of Shri Surender Kumar Jain and his brother Shri Virendra Jain, the assessee's return was picked up for scrutiny. After issuing of notice U/s 147 of the Act. The assessee was show caused why the addition of Rs. 48.00 lacs should not be made in the hands of the assessee as accommodation entry. The assessee having failed to convince the Assessing Offic....

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....tal in lieu of cash. Further, the AO recorded that on the basis of seized material, it was found that the appellant had received accommodation entries amounting to Rs. 48 Lac from the concerns controlled by Shri S KJain and Shri V K Jain for which he bad given the details to the appellant as mentioned earlier. (vii) The appellant, therefore, cannot be allowed to raise the contention that the material gathered at its back was not confronted to it and no opportunity was accorded to it by the AO as the gist of the material has already been communicated to it in the form of reasons recorded for reopening the case u/s 147 of the Act and the appellant had neverrequired the material collected by AO. In fact, the appellant never raised any....