Reopening u/s. 148 merely based on investigation report is unjustifiable: ITAT Delhi

Akik Marketing India Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT Delhi held that reopening assessment under section 148 of the Income Tax Act merely based on the investigation report without concluding the nature of alleged accommodation entry is unjustifiable and liable to be quashed. Facts- Based on the information received from ADIT(investigation) that the assessee company i.e. M/s Akik Marketing India Pvt. Ltd. had received accommodation entries from the companies and its associates run and controlled by Sh. Pradeep Kumar Jindal during F.Y 2009-10 relevant to the Asstt. Year 2010-11. The assessment...