Aeon Commercial India Private Limited Vs. ACIT Circle- 15(1)(1)

Parties Involved

Facts Summary

The assessee, Aeon Commercial India Private Limited, is a company engaged in business of investments and finance. It filed its return of income for Assessment Year 2020–21 declaring total income of Rs. 60,37,150/-. Subsequently, the Assessing Officer received information from DDIT (Investigation), Mumbai indicating that the assessee had received accommodation entries aggregating to Rs. 1,18,69,619/- from three concerns during the year under consideration. The Assessing Officer issued a notice under section 148 of the Act and added the sum of Rs. 1,18,69,619/- as unexplained cash credit under section 68 of the Act. The assessee challenged this addition before the CIT(A), which upheld the addition. Aggrieved, the assessee is now in appeal before the Tribunal.…

Legal Issues

• 1. Validity of reopening the case under section 148 based on information received.
• 2. Validity of the sanction under section 151 and issuance of notice under section 148.
• 3. Whether the addition of Rs. 1,18,69,619/- under section 68 is sustainable.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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