Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The brief facts of the case are that assessee has filed its return of income on 30.3.2003 declaring an income of Rs.43,400. This return was processed under sec. 143(1) of the Income-tax Act, 1961 on 25.5.2003 at the returned income. According to the Assessing Officer, he has received information from the Director of Income-tax (Inv.) exhibiting that assessee has received accommodation entry/bogus share application money/bogus capital gain from the persons who were indulged in providing accommodation entries. He reopened the assessment and issued a notice under sec. 148 on 30th March 2009. The assessee contended before the Assessing Officer that it has received share application money of Rs.64 lacs from various parties.
Citation :
Assistant CIT, Circle 14(1), New Delhi.(Appellant) Vs. Puneet Mercantiles & Credits (P) Ltd., B-156, Pachim Vr.,Delhi.(PAN: AAACP0538K) (Respondent)
Subscribe to CCI PRO for unlimited access
Already a PRO member? Login here for an ad-free experience.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
T R SOOD & CO
New Delhi
CA Inter
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
SSGS and Associates
Chennai
CA Inter
View Details
CAclubindia
