IT: Where subsequent to completion of original 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
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[2014] 51 taxmann.com 383 (SC)
SUPREME COURT OF INDIA
Yogendrakumar Gupta
v.
Income-tax Officer*
ANIL R. DAVE AND UDAY UMESH LALIT, JJ.
SPECIAL LEAVE TO APPEAL (CIVIL) NOS. 15381 OF 2014†
SEPTEMBER 26, 2014
Section 69A, read with section 147 of the Income-tax Act, 1961 - Unexplained moneys (Accommodation entries) - Assessment year 2006-07 - Assessing Officer noted that assessee had taken loans and advances from 'B' Ltd. and having accepted validity of those transactions, completed assessment under section 143(3) - Subsequently, 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 - On basis of said investigation report, Assessing Officer initiated reassessment proceedings - High Court upheld validity of reassessment proceedings as assumption of jurisdiction on part of Assessing Officer was based on fresh information - Whether special leave petition was to be dismissed - Held, yes [In favour of revenue]
■■■
[2014] 51 taxmann.com 383 (SC)
SUPREME COURT OF INDIA
Yogendrakumar Gupta
v.
Income-tax Officer*
ANIL R. DAVE AND UDAY UMESH LALIT, JJ.
SPECIAL LEAVE TO APPEAL (CIVIL) NOS. 15381 OF 2014†
SEPTEMBER 26, 2014
Section 69A, read with section 147 of the Income-tax Act, 1961 - Unexplained moneys (Accommodation entries) - Assessment year 2006-07 - Assessing Officer noted that assessee had taken loans and advances from 'B' Ltd. and having accepted validity of those transactions, completed assessment under section 143(3) - Subsequently, 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 - On basis of said investigation report, Assessing Officer initiated reassessment proceedings - High Court upheld validity of reassessment proceedings as assumption of jurisdiction on part of Assessing Officer was based on fresh information - Whether special leave petition was to be dismissed - Held, yes [In favour of revenue]
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