2025 (9) TMI 1577

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....er Section 148 based on Investigation Report and alleged incriminating material found during search in as much notice under Section 153C only could have been issued on facts and hence notice issued under Section 148 is bad in law. 2. The learned CIT(A) has erred in confirming the reopening of the assessment under Section 147 based on the information received from ADIT (Investigation), Unit 2(3), Ahmedabad and without any independent tangible material in the case of the assessee company or any other evidences which would result into escapement of income and that the conditions of reopening the assessment are not fulfilled. 3. The learned CIT(A) has erred in confirming the addition of alleged accommodation entry of Rs. 30,50....

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....ation entries/bogus bills without actual supply of any goods or services. The Assessing Officer called upon the assessee thereby show caused as to why the amount of Rs. 30,50,000/- being accommodation entry made with Shri Chandrakant P. Patel, proprietor of M/s. Shiyon Enterprises should not be treated as unaccounted income of the assessee. The Assessing Officer also disposed all assessee's objection raised against the reopening rejecting the same vide order dated 07-12-2018. The Assessing Officer observed that there is a nexus between the assessee and Shri Chandrakant P. Patel and KYC and other details furnished by the Union bank of India revealed that the bank account of permit traders was opened with the entry of M/s. Shiyon Enterprises ....

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....no addition ought to have been made. The ld. A.R. submitted that the assessee has furnished the details of bank statements, the copy of accounts of the assessee from the books of Shri Chandrakant P. Patel and the copy of account of Shri Chandrakant P. Patel from the books of account. The ld. A.R. submitted that there is credit balance of Rs. 9,84,53,052/- as on 01-04-2010. The assessee repaid the said credit by making payment by cheque from time to time and that the assessee received Rs. 30,50,000/- on 11-01- 2011. The said entries are reflected in the bank statement. The ld. A.R. submitted that the assessee has not made any purchases or sales from Shri Chandrakant P. Patel, therefore, the question of non-supply of the goods or services doe....