M/S. MINAKSHI BUILDERS,AHMEDNAGAR vs. COMMISSIONER OF INCOME-TAX, (APPEALS ) -2, PUNE

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ITA 448/PUN/2020Status: HeardITAT Pune24 May 2023AY 2008-092 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal clarified that the transaction of receipt of unsecured loans and advances from Bhawarlal M. Jain and Group was merely accommodation entries, not a valid transaction.

What were the facts?

The assessee's appeals were subject to a corrigendum issued by the ITAT. The original order contained a typographical error regarding the nature of certain transactions.

What were the issues?

The primary issue was the correction of a factual error in the Tribunal's previous order concerning the nature of financial transactions.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI INTURI RAMA RAO & SHRI S. S. VISWANETHRA RAVI

PER INTURI RAMA RAO, AM: We find that a typographical error had crept in our order dated 22.11.2022 in the above captioned appeals of the assessee, inasmuch as, at page no.13 in para 17 of the order. Hence, this Corrigendum is being issued.

2.

In para 17 of the order of the Tribunal dated 22.11.2022 (supra), for the words :

“17. ….., we have no hesitation to hold that the transaction of purchase and sale of shares of SRK Industries under consideration before us is void ab-initio. …..”

3.

The following words shall be substituted :

“17. ….., we have no hesitation to hold that the transaction of receipt of unsecured loans and advances provided by Bhawarlal M. Jain and Group is nothing but merely accommodation entries. …..”.

4.

The remaining order shall remain unchanged. Corrigendum pronounced on this 24th day of May, 2023. (S. S. VISWANETHRA RAVI) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; "दनांक / Dated : 24th May, 2023. Sujeet आदेश क" "ितिलिप अ"ेिषत / Copy of the Order forwarded to : अपीलाथ" / The Appellant.

1.

""यथ" / The Respondent.

2.3.

The CIT(A)-2, Pune.

4.

The Pr. CIT-1, Pune. िवभागीय "ितिनिध, आयकर अपीलीय अिधकरण, “A” ब"च, 5. पुणे / DR, ITAT, “A” Bench, Pune. गाड" फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, //// Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.

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