DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Reassessment-Validity-Reopening on the basis of third Party‘s statement- Assessee showing agriculture income-Deposition by A that he was involved in bogus transaction with the assessee and provided ‗accommodation entries‘ in the form of agriculture receipts-Same would constitute reason to believe that income chargeable to tax had escaped assessment-However, it was mandatory for the Revenue

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

section 68 of the Income Tax Act, 1961. 9. There is no evidence that the entire transaction was sham and bogus transaction. The appellant has submitted that appellant company has established identity and creditworthiness of the entities as well as proved the bonafides and genuineness of transaction beyond doubt. On the above mentioned preposition appellant placed reliance on following judgments

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

197 of Paper book. The investments made in shares were also accepted by the assessing officer during the previous year relevant to Asstt. Year 2013-2014 in the scrutiny proceedings U/s. 143(3). The assessee encloses herewith copy of assessment order which is on Page- 169 To 174 of the Paper Book. The learned assessing officer has relied