TaxTMI 
TaxTMI 
2024 (10) TMI 1728
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.... dismissed as not pressed. 3. Issue raised in ground no. 2 is against the confirmation of reopening of assessment by the Ld. CIT(A) even when the pre-conditions as laid down u/s 147 of the Act were not satisfied. 4. Facts in brief are that the assessee filed return of income on 26.09.2013 declaring a loss of Rs. 7,04,798/-. The case of the assessee was reopened u/s 147 of the Act after recording a reasons to believe u/s 148(2) of the Act. The AO noted that the assessee has taken unsecured loan from M/s Nikhil Holding Pvt. Ltd. which is a shell company as accepted by the director of the company Mr. Murlidhar Lahoti in his statement recorded u/s 132(4) of the Act on 17.08.2017 during the course of search proceeding on him. The AO noted ....
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....s/shell company which is carries on transaction only on paper for the purpose of providing accommodation entries in various forms in lieu of commission. The same has also been corroborated from statement given by Shri Murari Dhar Lahoti, Director in NHPL in his reply to various query including question no. 9,11,15 & 19 in course of statement u/s 132(4) dated 17.08.2017. The contention of the appellant that the case was reopened on vague and intangible material is therefore devoid of merits and unsustainable. Thus, ground no. 1 of the appellant is disposed and accordingly dismissed." 6. After hearing the rival contentions and perusing the material on record, we note that the case of the assessee was reopened u/s 147 of the Act by issuing ....
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....ding Pvt. Ltd. was not having real estate business at all and therefore identity, genuineness and creditworthiness of the parties were not genuine. Therefore, there was prima facie reasons to believe that the source of Rs. 50,00,000/- remained unexplained and in view of the above he had reasons to believe that Rs. 50,00,000/- has escaped assessment. We also note that the assessments in the case of M/s Nikhil Holding Pvt. Ltd. were framed u/s 143(3) read with Section 153A of the Act in all the assessment years consequent to search and it was accepted that the said company was genuine. Further even the loan confirmation was filed by the assessee. We even observe that the AO straightaway reopened the assessment which is clear from the fact tha....
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....Kolkata 5 DETAILS OF ASSESSING OFFICER HAVING JURISDICTION OVER THE CASE REASONS FOR REOPENING OF ASSESSMENT IN THE CASE OF M/S RAHUL PREMIER INDIA AGENCY PVT LTD. AY : 2013-14 U/S 147 OF THE IT ACT. 1961 BREIF DETAILS OF THE The assesses-company filed its return of income for ASSESSEE A.Y. 2013-14 on 26/09/2013 in the prescribed Form, ITR-6 declaring total Current year Loss of (-) Rs.7,04,798/ -. The nature of business declared in Tax Audit Report Contractors. Commission Agents and Trading No scrutiny assessment was made during the under consideration. Information has been received from the DCIT, Central Circle-2(2), Kolkata as the assessen-company M/s. COLLECTED /RECEIVED Rahul Premier India Agency Pvt. Ltd. received fund BY T....
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....ts of the assessee-company and records available, it is seen the assessee-company shown bogus unsecured loan from M/s. Nikhil Holdings Pvt. Ltd cf Rs.50,00,000/- during the year under consideration. 3 ANALYSIS OF INFORMATION COLLETED /RECEIVED 4 ENQUARIES MADE BY THE AO 360 degree profiling did not reveal the transaction. AS SEQUEL TO INFORMATION COLLECTED RECEIVED /COLLE CTED 5 FINDINGS OF THE AO Perusal of statement recorded of Sri Murali Dhar Lahoti in question no.15, It is clear that the alleged fund so received from M/s. Nikhil Holdings Pvt. Ltd is nothing but an accommodation entry. Therefore, in the light of definite and specific information. the alleged fund of Rs.50,00,000,- credited into the bank account of the assesse....