2021 (4) TMI 193

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....see was reopened u/s. 147 of the Income Tax Act, 1961 (hereinafter called as "Act") by issuing notice u/s. 148 of the Act on 31.3.2018 with the prior approval of the competent authority. The assessment in this case was completed under section 148 of the Act on 17.12.2018 at Rs. 15,00,000/-. In the assessment order AO made addition u/s. 68 of the Act amounting to Rs. 15,00,000/-. Against the assessment order, assessee appealed before the Ld. CIT(A) who vide his impugned order 30.4.2019 has dismissed the appeal of the assessee. Aggrieved with the impugned order dated 30.4.2019, assessee is in appeal before the Tribunal. 3. At the time of hearing, Ld. Counsel for the assessee draw our attention towards various grounds raised by the assessee, ....

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....facts and circumstances of the case, the assessment was quashed by the Tribunal. Therefore, he requested to quash the assessment in this instant case also by following the aforesaid ratio. 4. On the contrary Ld. DR relied upon the orders passed by the Revenue Authorities. 5. We have heard both the parties and perused the orders passed by the Revenue Authorities as well as the written submissions filed by the Ld. Counsel for the assessee and the case laws relied upon therein. We find that AO in the reasons recorded has mentioned that Rs. 75 lacs on account of accommodation entry has been escaped, however, he had issued noticed u/s. 148 of the Act to the assesee. In response to the same, assessee filed the objection which was decided in a s....

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....s. 15 lakhs from M/s. Timon Infrastructure Pvt. Ltd. However, later on, it transpired that assessee has received only accommodation entry of Rs. 5 lakhs. Thus, there is a factual error in the reasons recorded for reopening of the assessment. The reasons are based on incorrect and non-existing material. In the present case, the facts noted above clearly show that A.O. did not verify the report of the Investigation Wing and accepted the same as it is that assessee has received accommodation entries of Rs. 15 lakhs despite it was a wrong and incorrect fact which would show that A.O. did not apply his mind to the information and material supplied by the Investigation, Wing. Thus, the reopening of the assessment have been done totally without ....