2023 (12) TMI 869

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.... For the Department : Sh. S.L. Anuragi, Sr. DR ORDER PER SAKTIJIT DEY, V.P. This is an appeal by the assessee against order dated 31.05.2017 of learned Commissioner of Income Tax (Appeals), Ghaziabad, for the assessment year 2009-10. 2. Grounds no. 1 and 2 are on a legal issue concerning validity of assumption of jurisdiction under section 147 of the Income-tax Act, 1961 (in short 't....

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....was reopened under section 147 of the Act. The basis of reopening of assessment is the alleged unsecured loan of Rs. 35 lakhs supposed to have been received from M/s. HES Energy Systems Pvt. Ltd. According to the Assessing Officer, such unsecured loan is in the nature of accommodation entry. In course of assessment proceedings, the Assessing Officer called upon the assessee to explain the genuinen....

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....Officer under a factual misconception that the assessee has received the amount in dispute as unsecured loan. He submitted, in fact, the assessee had advanced loan of Rs. 50 lakhs to M/s. HES Energy Systems Pvt. Ltd., which was returned back by the said entity in two tranches of Rs. 15 lakhs and 35 lakhs. He submitted, while the Assessing Officer has not touched the amount of Rs. 15 lakhs, he has ....

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....ledger/account copy of M/s. HES Energy Systems Pvt. Ltd. in books of account of assessee, it is noticed that the assessee had advanced an amount of Rs. 50 lakhs to the said entity through cheque on 23.06.2008. The said amount was repaid to the assessee in two tranches of Rs. 15 lakhs and 35 lakhs on 26.03.2009 and 30.03.2009 respectively. Even the repayments to the assessee were through banking ch....