| |
The Tax PublishersITA No. 2226/Mum/2017
2021 TaxPub(DT) 0644 (Mum-Trib)INCOME TAX ACT, 1961
Section 147
Where AO received information that assessee availed accommodation entries of purchases from Hawala traders and further, the assessee failed to produce the parties from whom alleged purchases were made and it also failed to produce vital documents, viz. stock register and books of account; the reopening by AO in such case was justifiable.
|
Reassessment - Validity - Assessee company availed accommodation entries from Hawala traders -
Assessee-company was engaged in trading of ferrous and non-ferrous metals. AO received information that assessee availed accommodation entries of purchases from Hawala traders. Accordingly, assessment for relevant assessment year was reopened by AO. CIT(A) confirmed the order of AO. Aggrieved, assessee assailed the reopening of assessment before Tribunal. Held: AO found that assessee availed accommodation entries of purchases from Hawala traders and further, assessee failed to produce the parties from whom alleged purchases were made and it also failed to produce vital documents, viz. stock register and books of account. Further, CIT(A), in principle, accepted the findings of the AO in holding that assessee obtained bogus purchase bills from Hawala dealers. Therefore, the reopening of assessment in such case was valid and hence, justified.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 69
 SUBSCRIBE FOR FULL CONTENT
|