Anshu Vashisth vs. ITO, Ward-1(1), Faridabad

Parties Involved

Facts Summary

The assessee, Anshu Vashisth, was found to have received accommodation entries of bogus sales/purchase from various proprietorship firms during the Financial Year 2011-12. The Assessing Officer (AO) identified the assessee as a beneficiary of these transactions and reopened the assessment under section 148 of the Income Tax Act, 1961. The AO treated the amount received as unexplained credit under section 68 of the Act and added it to the assessee's total income. The assessee appealed against this decision to the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, but the appeal was dismissed. The assessee then filed an appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, raising several grounds for appeal.…

Legal Issues

• 1. Deletion of demand of Rs. 4287550/- raised by the ITO for the A.Y.2012-13.
• 2. Validity of the notice issued under section 148 of the Income Tax Act, 1961.
• 3. Addition made by the AO of Rs. 72,50,000 u/s.68 of the Income Tax Act 1961.

Judgment Outcome

Decided in favour of Assessee.

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