COMMISSIONER OF INCOME TAX-III vs. M/S. RASA AGROTECH PRIVATE LTD.

Accordingly, the appeals are liable to be dismissed on the

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

undisclosed income as Rs.1,33,08,737. Aggrieved by the above order, Mr. Arvinder Singh filed an appeal before the ITAT. By the impugned order dated 5th April 2007, the ITAT held that no valid opportunity was granted to the Assessee before making the impugned order of assessment and further that the requisite satisfaction was not recorded

THE COMMISSIONER OF I.T.-I, HYDERABAD. vs. M/S. AKASH CABLE TV NETWORK PVT.LTD., HYDERABAD.

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

reassessment proceedings were initiated after information was received from Director of Investigation regarding bogus/accommodation entries allegedly provided by different companies which were managed and operated by Mukesh Gupta and Rajan Jassal. The Assessing Officer noticed that these companies had been issued shares by the appellant-assessee. A question arose whether the share application money received was a genuine transaction