Tuesday 8 July 2014

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

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


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