DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

u/s 69 & 68 respectively. 3. Based on the facts discussed above, it is to be derived that credit received by assessee as Share premium & Share capital is not genuine but mere accommodation entry used to avoid tax payment and it is the undisclosed income of the assessee-company itself. On verification of return income & Audit report filed by assessee

COMMR.OF INCOME TAX,SIMLA vs. M/S GREEN WORLD CORPORATION

Appeals are disposed of with the aforementioned directions

147, however, does not mean that the Commissioner of Income Tax, in exercise of his power, under Section 263 of the Income Tax Act, cannot record a finding or give a direction for re-opening the assessment pertaining to assessment years other than the assessment year(s) covered by the revisional proceedings. The only effect of the above discussion