JCIT (IN-SITU), DCIT CIR-4(1), KOLKATA, KOLKATA vs. ARCH VYAPAAR P PRIVATE LIMITED, KOLKATA

Brief facts of the case of the assessee are that the assessee being a company filed its original return of income for AY 2012-13 disclosing total income of Rs. 36,45,967/-. Subsequently information was received that the assessee company had taken accommodation entry of Rs. 2,72,50,000/- during the previous year 2011-12 form M/s Goodhope Vincom Pvt. Ltd., M/s Bright Moon Vinimay Pvt. Ltd. and M/s Vidhata Housing Pvt. Ltd.. A notice u/s 148 of the Act was issued, in response to that the assessee filed return of income declaring total income of Rs. 35,45,967/-. The AO assessed the total income of the assessee at Rs. 3,08,95,970/- by holding that even though the opportunity of being heard of providing to the assessee but the assessee company failed to discharge the onus to provide a transaction as being genuine and failed to discharge its duties.

The said order has been challenged by the assessee before the Ld. CIT(A) wherein the Ld. CIT(A) allowed the appeal of the assessee for statistical purposes thereby directing the AO to verify the claim of the assessee and if it is found to be correct that the purported transaction are the assessee’s own money conduced under garb of accommodation entry is required to be deleted.

The Ld. Sr. D.R has submitted before the Tribunal that let this appeal be disposed off by giving a direction to the AO to pass order expeditiously as the A.R has already made his representation before the A.O. after passing of the impugned order.