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10. We have considered the rival submissions. It is well settled law that validity of re-assessment proceedings to be determined with reference to reasons recorded u/s 148 of the I.T. Act. Copy of the reasons as supplied by the Ld. DR dated 25.3.2010 are reproduced as under:-

"Name of the Assessee : M/s J.M. D. Astrological Consultancy Services (P)Ltd PAN No. : AABCJ 4419N Address : House No. 1456, Sector 4, Panchkula Assessment Year : 2008-09 The Information was received from Addl. DIT, UNIT-IV, New Delhi vide his office letter No. Addl, DIT(Inv)/Unit- IV/Beneficiaries/2008-09/7, dated 06-04-2009 in which it was mentioned that:
k, Sh.Tarun Goyal appears in all the scrutiny assessments as well as appeals of his companies himself before various income tax authorities. From verification carried out in respective wards/circles where the above mentioned companies are assessed, it is evident that Sh. Tarun Goyal is appearing in all the income tax proceedings on behalf of all the companies. He is also not charging any fees for appearing in these cases A detailed list of the beneficiaries of accommodation entries has been prepared by the concerned ADIT (Inv.) for the assessment years 2004-05, 2005-06, 2007-08, 2008-09 and 2009-10. This list was forwarded by the Addl.DIT (Inv.), New Delhi Unit IV alongwith the letter No.7 dated 06-04-2009. On perusal of this list it is seen that a company in the name and style of JMD Astrological Consultancy Service (P) Ltd. has received an accommodation entry of Rs. 21,00,000/- from three bogus companies run by Sh. Tarun Goyal. The PAN of the company is AABCJ4419N and the details of the registered office of the company was obtained from the website of Registrar of Company and following details were obtained :