2018 (3) TMI 1581

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....5,00,000/- made by the AO on account of unexplained cash credit from an entry operator completely ignoring the findings given by the Hon'ble Delhi High Court in cases like CIT V. Nova Promoters 342 ITR 169, CIT v. NR Portfolio [2013] 29 taxmann.com 291 (Delhi), CIT v. N Tarika Properties (ITA No.2080/2010, dated 28.11.2013) etc. wherein the Hon'ble Delhi High Court has clearly held that reopening of assessment is justified in case of information received from the Investigation Wing and the onus is on the assessee to establish identity & Creditworthiness of Creditors and Genuineness of transactions. 3. Whether in the facts and circumstances of the case & in law, the Ld. CIT(A) erred in holding that the A.O. made no efforts in verifying th....

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.... the period of 2003-04 were found, it was observed that Sh. S.K.Gupta is engaged as an entry operator and provided accommodation entries to various beneficiaries through a large number of shell companies managed by him. It was further observed by the investigation wing that the assessee company was also a beneficiaries company who have received accommodation entries from Sh. S.K.Gupta and his associates. 5. On the basis of information received from the investigation wing, the case was reopened by issuing notice u/s 147/148 after recording reasons for making reassessment . The ld. Assessing officer issued various statutory notices u/s 142(1). The assessee did not comply to the statutory notices issued by the assessing officer, therefore, as....