AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2026 (4) TMI 823
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....the Act' in short) for Assessment Year 2015-16. 2. The assessee has raised following additional grounds of appeal, challenging the validity of reopening of assessment u/s 147 of the Act:- "The learned AO had issued notice u/s 148 originally on 31.03.2021. In respect of the said notice u/s 148 of IT Act, 1961, the AO had given the reason for re-opening of assessment vide letter dated 03.12.2021 wherein the AO has stated that the appellant has entered into accommodation entries as fictitious loan from bogus concerns managed and controlled by the accommodation entry provider duo i.e. Sanjay Shah and Jignesh Shah amt to Rs. 4919403/-. The said allegation of availment of fictitious loans from Sanjay Shah & Jignesh Shah was completely....
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....eliance has been placed on the decision of the Hon'ble Supreme Court in the case of National Thermal Power Ltd. Vs. CIT (1998) 229 ITR 383(SC), and on the decision of the Rajasthan High Court in the case of Shilpa Associates Vs. ITO, 263 ITR 317. 4. We have considered the rival submissions and perused the material on record. The additional ground raised by the assessee involves a pure legal issue concerning the validity of reassessment proceedings and all relevant facts are already available on record. Respectfully following the decision of the Hon'ble Supreme Court in NTPC Ltd. (supra) and the decision of Rajasthan High Court in the case of Shilpa Associates (supra), the additional ground raised by the assessee is admitted for adjudicat....
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....umentary evidences. Clandestine record of unaccounted cash, synchronized trading, proving bogus LTCG in various BSE listed scrips and transport of such cash through angadiyas was found to be maintained. 2.1 During search at residential premises of Jignesh Shah, on analysis of seized material, it has been found that:- * Company does not exist at its address. Therefore, it lacks identity as well as genuineness. * During investigation, it has been found that Jignesh S. Shah is managing and controlling multiple companies and concerns. One of the most crucial evidences is in the form of MS Excel Sheet. In this sheet, clandestine record of unaccounted cash, synchronized trading, proving bogus LTCG in various BSE listed ....
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....ion with the facts available on record, it is found that the assessee has entered into accommodation entries as fictitious loan from bogus concerns managed and controlled by the accommodation entry provider duo ie Sanjay Shah and Jignesh Shah to the tune of Rs. 49,74,275/- Therefore, it can be concluded that the transaction done by the assessee with the concern/company parties managed and controlled by Jignesh and Sanjay Shah was only accommodation entries as fictitious loan and as a result of which the assessee has benefitted to the tune of Rs. 49,74,275/- 4. ITBA/ITD data available in this office, has been verified. (i) As per PAN data base the case of the assessee is found to belong to the territorial jurisdiction of this ward. ....
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....Rs. 54,52,613/-. Subsequently, the Assessing Officer issued notice u/s 148 dated 31.03.2021 for reopening of the assessment. In response to the said notice, the assessee filed return of income on 28.05.2021 declaring the same income. The Assessing Officer thereafter issued notice u/s 143(2) and u/s 142(1) and sought certain details from the assessee. During the course of reassessment proceedings, the Assessing Officer relied upon information received from the Investigation Wing that a search action u/s 132 was conducted on 11.09.2018 in the case of Jignesh Shah and Sanjay Shah, who were allegedly engaged in providing accommodation entries including bogus LTCG through various listed penny stock companies. Based on the said information, the A....