Park View Automotives P. Ltd. vs. ITO, Ward 19(3), Delhi

Parties Involved

Facts Summary

The assessee filed its return of income declaring income at Rs.728/- for AY 2012-13. The assessment was reopened based on information from the Investigation Wing about bogus entries amounting to Rs.1,62,40,000/- and Rs.13,60,000/-. The AO issued notices and conducted investigations but found the companies to be non-existent and providing accommodation entries. The assessee argued that the receipt was from the sale of shares, but failed to provide satisfactory evidence or explanation.…

Legal Issues

• 1. Addition of Rs.2,43,00,000/- as bogus entry
• 2. Addition of Rs.13,60,000/- as bogus entry

Judgment Outcome

Decided in favour of Revenue.

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