Tag: accomodation entries

ITAT gives telescoping benefit of business income declared when the assessee was only an entry operator and addition was made for commission income In a recent judgment , the Income Tax Appellate Tribunal has directed AO to give benefit of telescoping for the business income declared when the …

Onus was not on Revenue to demonstrate that the assessee paid commission, but on the assessee to demonstrate that he had paid no commission on admitted accommodation entry. ABCAUS Case Law Citation:ABCAUS 3672 (2023) (02) ITAT Important Case Laws relied upon by parties: In the instant case, the …

Refund of amount wrongly transferred to an entry provider party whose bank account was attached by Income Tax Department declined- SLP dismissed by Supreme Court ABCAUS Case Law CitationABCAUS 3655 (2023) (02) SC As alleged by the petitioner, in the course of its business it sought to invest …

Notice u/s 148 – at this stage what is required is a reason to believe and not to establish fact of escapement of income – Supreme Court upholds High Courts order ABCAUS Case Law CitationABCAUS 3600 (2022) (06) SC Important case law relied referred:Alliance Filaments Ltd. v. The …

Supreme Court uphold quashing of reassessment notice issued beyond four years without failure of assessee to disclose fully & truly all material facts In a recent order, the Hon’ble Supreme Court has upheld the order of the High Court in quashing the reassessment notice issued beyond the period …

Rejection of books due to admission of assessee being bogus accommodation entry provider is quiet correct – ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the addition on bogus transaction of the assessee. ABCAUS Case Law CitationABCAUS 3579 (2022) …

Reopening notice u/s 148 quashed as it did not mention source of information or reference to person giving information ABCAUS Case Law CitationABCAUS 3398 (2020) (10) ITAT Important case law relied upon by the parties:Meenakshi Overseas Private LimitedSignature Hotels Pvt. Limited vs ITO Reopening Notice u/s 148 quashed …

Reassessment made by issue of notice 143(2) before filing of return of income is invalid and not sustainable in the eyes of law ABCAUS Case Law CitationABCAUS 3394 (2020) (09) ITAT Important case law relied upon by the parties:Singhad Technical Society 397 ITR 344.Fast Booking (I) Pvt. Ltd. …

Profit on Bogus purchase/ accommodation entries @ 5% upheld by the High Court. Only profit element embedded is to be taxed not entire purchase ABCAUS Case Law Citation:ABCAUS 3272 (2020) (02) HC Important case law relied upon by the parties:Kaveri Rice Mills vs. Commissioner of Income-Tax, (2006)157 Taxman …