Tuesday, July 8, 2014

[aaykarbhavan] HC upheld reassessment on sec. 69A additions as search initiated by AO had revealed bogus loan transaction




 

HC upheld reassessment on sec. 69A additions as search initiated by AO had revealed bogus loan transaction

July 8, 2014[2014] 46 taxmann.com 56 (Gujarat)
IT : Where subsequent to completion of assessment, Assessing Officer, on basis of search carried out in case of another person, came to know that loan transactions of assessee with a finance company were bogus as said company was engaged in providing accommodation entries, it being a fresh information, he was justified in initiating reassessment proceeding in case of assessee
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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