2010 (12) TMI 1268

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....ure. In brief, the grievance of the assessee is two folds. In the first fold of ground, it is challenging reopening of assessment by issuance of notice u/s 148 of the Incometax Act. In the second fold of grievance, it is impugning addition of Rs. 4,01,000/- with the aid of section 68. 3. The learned counsel for the assessee at the very outset submitted that issue in dispute is squarely covered in favour of the assessee by the decision of Hon'ble Delhi High Court rendered in the Writ Petition No.6087/2010 in the case of Sarthak Securities Co. Pvt. Ltd. vs. ITO. He placed on record copy of the judgment, which was delivered on 18.10.2010. The learned counsel for the assessee submitted that Hon'ble Court has reproduced the reasons re....

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.... on the basis of reasons recorded on 26.2.2007. He issued a notice u/s 148 of the Income-tax Act. The reasons recorded by the Assessing Officer read as under :- "1. The Assessee filed return of income on 30/10/03 declaring loss of Rs. 89472/-. 2. As per information received from the office of the DIT (Investigation), New Delhi, vide letter No.DIT(lnv)-1/2006- 07/AE/253 dated 16/6/06, the assessee company has taken two entries of Rs. 2.00 Lac each on 11/1/03 and 31/12/02 from M/s Nishant Finvest P Ltd and M/s Kuberco sale P Ltd. The said companies are stated to have issued the above said cheques from their A/c No.50080 and 50084 with the State Bank of Patiala (SSP). The said cheques are stated to have been credited in the a....

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.... 2500000 16/12/02   K.R. Fincap P Ltd. SBBJ NRR DO DO DO 300000 12/3/03   Division Trading P. Ltd. BOR Rohtak Rd. According to the information received from the DIT (Inv) the accommodation entries are received as share application money or as unsecured loan. The assessee's Balance sheet as on 31/3/2003 showed that there is introduction of share capital of Rs. 284800/- and share premium of Rs. 865000/-. In this case return of income for the AY 2003-04 was filed on declaring income of Rs. 15360/- and as per records asstt has not been completed u/s 143(3) of the I.T. Act. As the assessee had received bogus accommodation entry of Rs. 1050000/- during the AY 2003-0....