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Income Tax Appellate Tribunal, DELHI BENCH ‘G’, NEW DELHI
Before: Shri Challa Nagendra PrasadDr. B. R. R. Kumar
ORDER Per Bench:- The present appeals have been filed by the Revenue and the assessee against the orders of ld. CIT(A)-29, New Delhi dated 17.10.2019. Since, the issue involved in all these appeals are similar, they were heard together and being adjudicated by a common order.
On the facts and in the circumstances of the case the Ld. CIT(A) has erred in law and on facts in deleting the protective addition of Rs. 2,25,47,365/- made by AO on account of unexplained credit entries appearing in the bank account.
On the facts and in the circumstance of the case, the Ld.CIT (A) has erred in law and on facts in deleting the addition of Rs. 56,368/- on account of unaccounted commission @ 0.25 % of total unexplained credit entries appearing in the bank account of Rs. 2,25,47,365/- 3. That the grounds of appeal are with prejudice to each other.
The assessee has raised the following grounds of appeal in CO No. 91/Del/2022:-
1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad both in the eye of law and on facts.
2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that assessment was against the non existing company which is invalid in the eyes of law. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the order passed by the learned Assessing Officer (AO) under Section 143(3) read with section 153C is without jurisdiction. 4. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the additions made under Section 153C are bad in law in the absence of any incriminating material belonging to the assessee being found during the course of the search. 5. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the explanations brought on record by the assessee to explain the nature of credit of the transactions. (ii) That the abovesaid addition has been confirmed ignoring the fact that the addition has been made by the AO based on suspicion only.
3 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 6. On the facts and circumstances of the case, the learned CIT (A) has erred both on facts and in law in holding that the assessee is involved in providing and taking accommodation entries in the form of share application money or unsecured loans.
For the sake of ready reference and completeness the order of the CIT(A) consisting of facts of the case and the adjudication thereof is reproduced below:
5. In Ground nos. 1, 2, 3, 4, 5, 6 and 7, the appellant has challenged the validity of the proceedings initiated and assessment order passed under section 153C of the Act. In this regard, it is noticed that there has been a search action in the case of Sh. Anand Kumar Jain and Sh. Naresh kumar Jain under section 132 of the Act. In the assessment proceedings of the searched person, the AO of the searched person noticed that some documents also relates to the appellant company and have bearing on the determination of total income of the appellant. Thereafter, the assessing officer of searched person after being satisfied and recording his satisfaction handed over the seized documents to the AO of the appellant. On receiving the same, the AO of the appellant also recorded the satisfaction that said documents relates to the appellant and have bearing on the total income of the appellant. Thereafter, the AO in compliance of the provision of section 153C duly issued notice under the said section and after giving due opportunity to the appellant passed the assessment order under section 153C read with section 143(3) of the Act. Therefore, I do not find any infirmity in the AO's action in this regard. Hence, these grounds of appeal
are dismissed. The merits of the addition made in the assessment order are being dealt separately in the following grounds.
6. In Ground nos. 9, 10 and 11, the appellant has challenged the protective addition made by the AO of Rs. 2,25,47,365/- under section 68 of the Act. The AO in the assessment order has made an addition u/s 68 of the Act on protective basis on account of unexplained credit entries of Rs. 2,25,47,365/- in the bank account of the appellant received from various parties. The AO in the assessment order has mentioned that a search operation was carried out on the office and residence of Shri Naresh Kumar Jain and Shri Anand Jain as well as their employees. The AO further mentioned that during the investigation it has been established that various companies including the appellant company were shell companies which were being managed and operated by Jain Brothers for providing accommodation entries by routing unaccounted income of the beneficiaries by depositing cash in the bank accounts of the various shell concerns and thereby routing the funds into the account of beneficiaries through the bank accounts of these shell concerns. The assessing officer in his assessment order has also mentioned that the appellant has only acted as conduit concern for providing accommodation entries to various beneficiaries. As 4 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., regards the substantive addition the AO has mentioned that information to the assessing officers of the beneficiaries has already been disseminated by the investigation wing and further he is also informing the AO of the concerned beneficiaries for taking appropriate action in their respective cases. 6.1. The appellant in its written submission has tried to substantiate the genuineness of the credit transactions on the basis of documentary evidences submitted before the assessing officer. The appellant submitted that during the course of assessment proceedings it has discharged its onus u/s 68 of the Act by submitting documentary evidences in the form of confirmation, ITR acknowledgement, bank statements, Company master data of the companies, from whom funds were received during the year, in order to prove the identity and credit worthiness of the lender company and genuineness of the transaction. 6.2 In alternative, the appellant also submitted that even if the allegations and observations of the AO in the assessment order is assumed to be true then also there cannot be any addition in the hands of the appellant. The appellant in this regard has also submitted a fund flow statement depicting the source of funds and utilization of the same for payments to alleged beneficiaries. Accordingly, the appellant submitted that when the alleged beneficiaries are identified then no addition can be made in its hands since it has only acted as a conduit as has been observed by the AO in the assessment order. 6.3 I have considered the facts and circumstances of the case, submission of the appellant and perused the order of the AO. The AO in the assessment order has claimed to have identified the names of beneficiaries and already disseminated the information to the assessing officers of the beneficiaries. Accordingly, the credits received by the appellant cannot be treated as unexplained credit in its hands since, the said transactions are mere arrangement of funds/routing of unaccounted income of the beneficiaries to whom the said funds were transferred through the bank of the appellant company in lieu of commission. In this regard, on perusal of the bank statement and ledger of the appellant company it is evident that the funds have flown in following manner:- Date of Receipt/Credits Amount(Rs.) Name of the Date of Amount Receipts From party payment (rs.) 07-04-2012 GANESH 1200000 Prabhu 07.04.2012 1000000 INVESTMENTS Finhold Pvt. Ltd. 07-04-2012 GANESH Prabhu 09.04.2012 200000 INVESTMENTS Finhold Pvt. Ltd. 24-05-2012 Shreya 17589 Contra 08.03.2013 17589 Cabcord & Electric Co. 14-07-2012 Vikas 800000 P K gupta 21.07.2012 800000 Associates
5 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 20-07-2012 Technosoft 200000 P K gupta 21.07.2012 200000 Infosystem P Ltd 06-08-2012 K G TRADES 30000 Ram Kumar 30.08.2012 300000 Total 2517589.00 2517589 Date of Receipt/Credits Amount(Rs.) Name of the Date of Amount (rs.) Receipts From party payment 25.10.2012 Shubh Laxmi 1446934.00 Anush 26.10.2012 1400000 Finlease & Construction 25.10.2012 Shubh Laxmi Director 05.12.2012 15000 remuneration 25.10.2012 Shubh Laxmi Richa 18.12.2012 25000 portfolio pvt Ltd 25.10.2012 Shubh Laxmi Deepali 12.03.2013 1150 Impex Pvt Ltd. 25.10.2012 Shubh Laxmi Other 31.01.2013 2074 expenses 25.10.2012 Shubh Laxmi S. Udit 29.03.2013 3710 securities Pvt Ltd 30.10.2012 Bank charges 1.00 Bank charges 30.10.2012 1 09.11.2012 Anil Kumar 500000.00 SR Buildcon 15.11.2012 500000 Singhla Pvt Ltd 22.11.2012 SHUDHADARA 800000.00 Abhiruchi 22.11.2012 800000 SECURITIES Buidlwell pvt Ltd 22.11.2022 Sai Infoweb 1000000.00 Abhiruchi 22.11.2012 1000000 Pvt Ltd. Buidlwell pvt Ltd 22.11.2012 MAHADEV 700000.00 Abhiruchi 22.11.2012 700000 INVESTMENTS Buidlwell pvt Ltd 13.12.2012 KRISHAN 300000.00 Richa 14.12.2012 300000 KUMAR portfolio 14.12.2012 Anil Kumar 500000.00 Anush 14.12.2012 500000 Bansal Finlease & construction pvt ltd 14.12.2012 Shubh Labh 1700000.00 Richa 14.12.2012 500000 Traders portfolio pvt Ltd 22.12.2012 Neelkanth 250000.00 Rekha Jain 27.12.2012 200000 Exprochem Pvt. Ltd.
6 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 22.12.2012 Neelkanth S.Udit 29.03.2013 50000 Exprochem Securities Pvt. Ltd. Pvt Ltd. 08.01.2013 Income Tax 57540.00 Deepali 14.03.2013 14540 Refund (2008- Impex P Ltd 09) 08.01.2013 Income Tax S.Udit 29.03.2013 43000 Refund (2008- Securities P 09) ltd. 23.01.2013 NEELAM 500000.00 Diverse 24.01.2013 50000 AGGARWAL Infotech P Lted 30.01.2013 Shubh Labh 1750000.00 Rimpy 31.01.2013 500000 Traders Bansal 30.01.2013 Shubh Labh Dinesh Modi 31.01.2013 1250000 Traders 22.02.2013 Kumar 2500000.00 Jemini 22.02.2013 2500000 Brothers co. trading 08.03.2013 HDFC Bank 21000.00 Deepali 12.03.2013 2304300 impex pvt ltd 09.03.2013 Shubh Labh 1000000.00 Anand goyal 09.03.2013 1000000 Traders 12.03.2013 Shubh Labh 2304300.00 Deepali 12.03.2013 2304300 Traders implex P ltd 14.03.2013 SR Buildcon P 500000.00 Deepali 14.03.2013 500000 Ltd implex P ltd 15.03.2013 Kumar 2500000.00 Jemini 15.03.2013 2494300 Brothers co. trading 15.03.2013 Kumar S.udit 29.03.2013 5700 Brothers co. securities pvt ltd 22.03.2013 MADADEV 500000.00 S.udit 29.03.2013 397590 INVESTMENTS securities pvt ltd 22.03.2013 MADADEV Anup Arvind 18.04.2013 102410 INVESTMENTS raja 22.03.2013 Keshav 1000000.00 Satpal bansal 22.03.2013 1000000 Trading company 30.03.2013 K G TRADES 200000.00 Anup Arvind 18.04.2013 96800 raja 30.03.2013 K G TRADES K V roa 11.06.2013 20800 30.03.2013 K G TRADES Deepali 31.05.2013 82400 impex pvt ltd Totals 20029775.00 20029775.00 7 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 6.4. From the above transactions, it is noticed that the appellant company has received funds from various concerns as mentioned above and thereafter amounts were transferred to the above mentioned companies/ concerns immediately, the appellant company is not beneficiary company. The above arrangement of funds is nothing but part of modus operandi of the accommodation entry provider to introduce the unaccounted funds of the beneficiaries in their respective bank accounts. Further, the AO also in the assessment order has observed that the appellant company was a conduit company operated by Sh. Naresh Jain and Anand Jain to provide accommodation entries to various beneficiaries and said beneficiaries have already been identified. Accordingly, when the beneficiaries were identified, the addition in such cases can at best be that of commission earned on such accommodation entries. But as far as charging of commission is concerned, it has been held in the case of Sh. Anand Jain and Sh. Naresh Jain that they were entry operators who were managing and controlling various shell concerns including the appellant for providing accommodation entries in lieu of commission. Accordingly, taking that logic there is no question of charging of commission income in the hands of the appellant company, since nothing has been earned by the company in this regard. Therefore, I am of the view that no further addition can be made in the hands of appellant company under the facts as discussed above. 6.5. Under these circumstances, the protective addition made by the AO of Rs. 2,25,47,365/- is directed to be deleted.
7. In ground nos.12, the appellant has challenged the addition made by the AO of Rs. 56,368/-. The AO in the assessment order has made an addition on account of commission income of Rs. 56,368/- @ 0.25% on the total credits of Rs. 2,25,47,365/- received from various parties. 7.1. In this regard, it has already been held in para 6.4(supra) that as far as charging of commission is concerned, it has been held in the case of Sh. Anand Jain and Sh. Naresh Jain that they were entry operators who were managing and controlling various shell concerns including the appellant for providing accommodation entries in lieu of commission. Accordingly, taking that logic there is no question of charging of commission income in the hands of the appellant company, since nothing has been earned by the company in this regard. Having held that these two persons were operating these companies including the appellant, I am of the view that no further addition on account of commission is warranted in the hands of appellant company under the facts as discussed above. Therefore, the addition made on account of commission of Rs. 56,368/-is directed to be deleted.
Having heard the arguments both parties. The ld. AR has been specifically asked to provide list of the beneficiaries to 8 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., whom the accommodation entries have been given. The same has been provided by the ld. AR, which have been produced below:
A.Y. 2013-14 a.) HDFC Bank Date of Receipt/ Credits from Amount Name of the party Date of Amount Receipts payment (Rs.) (Rs.) 07-04-2012 GANESHA 1200000 Prabhu finhold Pvt. 7.4.2012 1000000 Ltd. INVESTMENTS 07-04-2012 GANESHA Prabhu finhold Pvt. 9.4.2012 200000 Ltd. INVESTMENTS 24-05-2012 Shreya Cabcord & 17589 Contra 8.3.2013 17589 Electric Co. 14-07-2012 Vikas Associates 800000 P K gupta 21.7.2012 800000 20-07-2012 Technosoft 200000 P K gupta 21.7.2012 200000 Infosystem Pvt. Ltd. 06-08-2012 K G TRADES 300000 Ram kumar 30.8.2012 300000 Total 2517589.00 2517589 b.) IDBI Bank Date of Receipt/ Credits from Amount Name of the party Date of Amount Receipt payment (Rs.) (Rs.) 25.10.2012 Shubh Laxmi 1446934.00 Anush finlease & 26.10.2012 1400000 construction 25.10.2012 Shubh Laxmi Director remuneration 05.12.2012 15000 25.10.2012 Shubh Laxmi Richa portfolio pvt ltd 18.12.2012 25000 25.10.2012 Shubh Laxmi Deepali impex pvt ltd 12.03.2013 1150 25.10.2012 Shubh Laxmi Other expenses 31.01.2013 2074 25.10.2012 Shubh Laxmi S.Udit securities pvt 29.03.2013 3710 ltd 30.10.2012 Bank Charges 1.00 Bank charges 30.10.2012 1 09.11.2012 Anil Kumar Singhla 500000.00 SR buildcon pvt ltd 15.11.2012 500000 22.11.2012 SHUBHADARA 800000.00 Abhiruchi buildwell pvt 22.11.2012 800000 SECURITIES ltd 22.11.2012 Sai Infoweb Pvt. Ltd. 1000000.00 Abhiruchi buildwell pvt 22.11.2012 1000000 ltd 22.11.2012 MAHADEV 700000.00 Abhiruchi buildwell pvt 22.11.2012 700000 INVESTMENTS ltd 13.12.2012 KRISHAN KUMAR 300000.00 Richa portfolio pvt ltd 14.12.2012 300000 14.12.2012 Anil Kumar Bansal 500000.00 Anush finlease & 14.12.2012 500000 construction pvt ltd 14.12.2012 Shubh Labh Traders 1700000.00 Richa portfolio pvt ltd 14.12.2012 1700000 22.12.2012 Neelkanth Expochem 250000.00 Rekha jain 27.12.2012 200000 Pvt. Ltd. 22.12.2012 Neelkanth Expochem S.Udit securities pvt 29.03.2013 50000 Pvt. Ltd. ltd 08.01.2013 Income Tax Refund 57540.00 Deepali impex pvt ltd 14.03.2013 14540 (2008-09) 08.01.2013 Income Tax Refund S.Udit securities pvt 29.03.2013 43000 (2008-09) ltd 23.01.2013 NEELAM AGGARWAL 500000.00 Diverse infotech pvt ltd 24.01.2013 500000 30.01.2013 Shubh Labh Traders 1750000.00 Rimpy bansal 31.01.2013 500000 30.01.2013 Shubh Labh Traders Dinesh modi 31.01.2013 1250000 22.02.2013 Kumar Brothers co. 2500000.00 Jemini trading 22.02.2013 2500000 08.03.2013 HDFCBANK 21000.00 Deepali impex pvt ltd 14.03.2013 21000 09.03.2013 Shubh Labh Traders 1000000.00 Anand goyal 09.03.2013 1000000 12.03.2013 Shubh Labh Traders 2304300.00 Deepali impex pvt ltd 12.03.2013 2304300 14.03.2013 SR Buildcon Pvt. Ltd. 500000.00 Deepali impex pvt ltd 14.03.2013 500000 15.03.2013 Kumar Brothers co. 2500000.00 Jemini trading 15.03.2013 2494300 15.03.2013 Kumar Brothers co. S.Udit securities pvt 29.03.2013 5700 ltd 22.03.2013 MAHADEV 500000.00 S.Udit securities pvt 29.03.2013 397590 ltd INVESTMENTS 22.03.2013 MAHADEV Anup arvind raja 18.04.2013 102410 INVESTMENTS 22.03.2013 Keshav Trading 1000000.00 Satpal bansal 22.03.2013 1000000 Company 30.03.2013 K G TRADES 200000.00 Anup arvind raja 18.04.2013 96800 30.03.2013 K G TRADES KVroa 11.06.2013 20800 30.03.2013 K G TRADES Deepali impex pvt ltd 31.05.2013 82400
Totals 20029775.00 20029775.00 IDBI Bank:-
Date of Receipt/ Credits Amount Name of the Date of Amount (Rs.) Receipt from (Rs.) party payment 18-04-2013 MAHADEV 100000.00 Anup arvind raja 18.4.2013 100000 INVESTMENTS 04-05-2013 K G TRADES 170240.00 Deepali impex pvt 31.5.2013 148140 ltd 04-05-2013 K G TRADES Shubh labh 11.7.2013 22100 traders 17-05-2013 Kumar Brothers co. 3500000.00 Jemini trading 17.5.2013 3492500 17-05-2013 Kumar Brothers co. Shubh labh 11.7.2013 4037 traders 17-05-2013 Kumar Brothers co. Other expenses 12.8.2013 3463 28-05-2013 Deepali impex pvt 230540.00 Deepali impex pvt 230540 ltd ltd 31-05-2013 Amit Jain 1500000.00 Deepali impex pvt 31.5.2013 1320800 ltd 31-05-2013 Amit Jain K V roa 11.6.2013 179200 11-06-2013 Jemini Trading Co. 1300000.00 K V roa 11.6.2013 1300000 11-06-2013 Shubh Labh 1000000.00 K V roa 11.6.2013 1000000 Traders 12-06-2013 Jemini Trading Co. 1500000.00 K V roa 12.6.2013 1500000 14-06-2013 Diverse Infotech 509765.00 Sanjay kumar 15.6.2013 500000 Private Limited goyal huf 14-06-2013 Diverse Infotech Deepali impex pvt 9.7.2013 9765 Private Limited ltd 09-07-2013 MAHADEV 2025000.00 Deepali impex pvt 9.7.2013 2025000 INVESTMENTS ltd 09-07-2013 Jemini Trading Co. 596029.00 Deepali impex pvt 9.7.2013 596029 ltd 09-07-2013 MAHADEV 900000.00 Deepali impex pvt 9.7.2013 846071 INVESTMENTS ltd 09-07-2013 MAHADEV Rmp holdings pvt 7.8.2013 53929 INVESTMENTS ltd 10-07-2013 Anand Goyal 1000000.00 Shubh labh 11.7.2013 321049 traders 10-07-2013 Anand Goyal Rmp holdings pvt 12.7.2013 500000 ltd 10-07-2013 Anand Goyal Rmp holdings pvt 7.8.2013 28865 ltd 10-07-2013 Anand Goyal Cash withdrawl 19.8.2013 100000 10-07-2013 Anand Goyal Saphire polyvinyl 23.10.2013 26137 (P) ltd 10-07-2013 Anand Goyal Other expenses 26.10.2013 2567 10-07-2013 Anand Goyal H J book agency 28.10.2013 21382 12-07-2013 MAHADEV 500000.00 Rmp holdings pvt 12.7.2013 500000 ltd INVESTMENTS 27-07-2013 KVRao 17206.00 Rmp holdings pvt 7.8.2013 17206 ltd 07-08-2013 MAHADEV 1200000.00 Rmp holdings pvt 7.8.2013 1200000 INVESTMENTS ltd 10-08-2013 MAHADEV 1000000.00 MAHADEV 10.8.2013 1000000 INVESTMENTS INVESTMENTS 30-08-2013 KVRao 1000000.00 Rahul mangla 30.8.2013 1000000 food processing 10-09-2013 Anush Finlease & 1900000.00 Chopra diagnostic 11.9.2013 1900000 Construction Pvt. Ltd. 10-09-2013 Kanu Peripherals 100000.00 Cash withdrawl 20.9.2013 100000 Pvt Ltd 05-10-2013 KVRao 1500000.00 SR buildcon pvt 5.10.2013 1000000 ltd 05-10-2013 KVRao Aastha infra 7.10.2013 500000 projects (p) ltd 17-10-2013 NISHAJAIN 100000.00 Saphire polyvinyl 23.10.2013 100000 (P) ltd 18-10-2013 Third Generation 73863.00 Saphire polyvinyl 23.10.2013 73863 Pvt Ltd (P) ltd 22-10-2013 KVRao 1500000.00 Saphire polyvinyl 23.10.2013 300000 (P) ltd 22-10-2013 KVRao H J book agency 24.10.2013 1200000 25-10-2013 Kumar Brothers co. 165760.00 H J book agency 28.10.2013 78618 25-10-2013 Kumar Brothers co. Golden villas 29.1.2014 87142 28-10-2013 Sai Infoweb Pvt. 3600000.00 H J book agency 28.10.2013 3600000 Ltd. 19-11-2013 Purofil Marketing 200000.00 Sai infoweb pvt 25.11.2013 200000 Co. ltd 25-11-2013 Amita Exports Pvt. 50000.00 Amita exports pvt 23.1.2014 50000 Ltd ltd 26-12-2013 Income Tax Refund 9760.00 Cash withdrawl 24.3.2014 9760 (A.Y. 2011-12) 27-01-2014 Rmp Holding Pvt. 1038466.00 Golden villas 29.1.2014 912858 Ltd. 27-01-2014 Rmp Holding Pvt. Cash withdrawl 24.3.2014 87142 Ltd. 27-01-2014 Rmp Holding Pvt. Sai Infoweb Pvt. 19.5.2014 38466 Ltd. Ltd. 21-02-2014 Rmp Holding Pvt. 1350775.00 Sai infoweb pvt 22.2.2014 1300000 Ltd. ltd 21-02-2014 Rmp Holding Pvt. Sai Infoweb Pvt. 19.5.2014 50775 Ltd. Ltd. 21-02-2014 KVRao 8877.00 Cash withdrawl 24.3.2014 3098 21-02-2014 KVRao Sai Infoweb Pvt. 19.5.2014 5779 Ltd. 11-03-2014 Kumar Brothers co. 32690.00 Sai Infoweb Pvt. 19.5.2014 32690 Ltd. Total 29678971.0 29678971.00 0 IDBI Bank Date of Receipt/ Credits Amount Name of the Date of Amount Receipt from partv payment (Rs.) (Rs.) 09-04-2014 Interest On Refund 3500.00 BRR securities 11.9.2014 3500 pvt ltd 19-05-2014 HJ BOOK AGENCY 4900000.00 JINDAL SAXENA 19.5.2014 2800000 FINANCIAL SERVICES PVT Ltd 19-05-2014 HJ BOOK AGENCY Sai Infoweb Pvt. 19.5.2014 1972290 Ltd. 19-05-2014 HJ BOOK AGENCY Saphire polyvinyl 21.7.2014 100000 (p) ltd 19-05-2014 HJ BOOK AGENCY BRR securities 11.9.2014 27710 pvt ltd 27-05-2014 Income Tax Refund 9190.00 BRR securities 11.9.2014 9190 (F.Y. 2008-09) pvt ltd 07-07-2014 Saphire Polyvinayal 17643.00 BRR securities 11.9.2014 17643 (P) Ltd pvt ltd 27-08-2014 Bharpai Jain 500000.00 BRR securities 18.9.2014 500000 pvt ltd 08-09-2014 Keshav Trading 1877501.00 Mahalaxmi 11.9.2014 1602942 Company trading co 08-09-2014 Keshav Trading BRR securities 11.9.2014 241957 Company pvt ltd 08-09-2014 Keshav Trading JINDAL SAXENA 15.10.2014 4892 Company FINANCIAL SERVICES PVT Ltd 08-09-2014 Keshav Trading BRR securities 10.12.2014 27710 Company pvt ltd 08-09-2014 Satpal Bansal 1000000.00 BRR securities 11.9.2014 1000000 pvt ltd 17-09-2014 Aastha Infra 543567.00 JINDAL SAXENA 17.9.2014 500000 Projects (P) Ltd FINANCIAL SERVICES PVT Ltd 17-09-2014 Aastha Infra JINDAL SAXENA 15.10.2014 17601 Projects (P) Ltd FINANCIAL SERVICES PVT Ltd 17-09-2014 Aastha Infra JINDAL SAXENA 21.11.2014 22540 Projects (P) Ltd FINANCIAL SERVICES PVT Ltd 17-09-2014 Aastha Infra BRR securities 10.12.2014 3426 Projects (P) Ltd pvt ltd 15-10-2014 Sanjay Kumar 577507.00 JINDAL SAXENA 15.10.2014 577507 Goyal HUF FINANCIAL SERVICES PVT Ltd 18-11-2014 Royal India 577460.00 JINDAL SAXENA 21.11.2014 577460 FINANCIAL SERVICES PVT Ltd 25-11-2014 Sapphire Polyvinyl 600000.00 JINDAL SAXENA 25.11.2014 600000 (P) Ltd FINANCIAL SERVICES PVT Ltd 28-11-2014 Yogeshwar 583200.00 BRR securities 28.11.2014 500000 Tradexpo Pvt Ltd pvt ltd 28-11-2014 Yogeshwar BRR securities 10.12.2014 42724 Tradexpo Pvt Ltd pvt ltd 28-11-2014 Yogeshwar Rajendra kumar 2.3.2015 40476 Tradexpo Pvt Ltd 29-11-2014 Velocity Fitness 500000.00 BRR securities 29.11.2014 500000 pvt ltd 06-12-2014 Income Tax Refund 15170.00 BRR securities 10.12.2014 15170 (F.Y. 2013-14) pvt ltd 09-12-2014 Yogeshwar 511130.00 BRR securities 10.12.2014 511130 Tradexpo Pvt Ltd pvt ltd 09-12-2014 Y K Consultancy 99840.00 BRR securities 10.12.2014 99840 Pvt Ltd pvt ltd 27-12-2014 Keshav Trading 1650000.00 JINDAL SAXENA 29.12.2014 1650000 Company FINANCIAL SERVICES PVT Ltd 31-12-2014 Velocity Fitness 500000.00 BRR securities 1.1.2015 500000 pvt ltd 02-01-2015 NYK ENTERPRISES. 223640.00 JINDAL SAXENA 4.1.2015 200000 Pvt. Ltd FINANCIAL SERVICES PVT Ltd 02-01-2015 NYK ENTERPRISES. Rajendra kumar 2.3.2015 18840 Pvt. Ltd 02-01-2015 NYK ENTERPRISES. Other expenses 2.3.2015 4800 Pvt. Ltd 12-01-2015 Royal India 198740.00 Phuspa khatana 26.2.2015 198740 19-01-2015 Royal India 198840.00 Phuspa khatana 26.2.2015 198840 19-01-2015 Sapphire Polyvinyl 29740.00 Phuspa khatana 26.2.2015 2420 (P) Ltd 19-01-2015 Sapphire Polyvinyl Rajendra kumar 2.3.2015 27320 (P) Ltd 26-02-2015 JINDALSAXENA 1000000.00 Phuspa khatana 26.2.2015 1000000 FINANCIAL SERVICES PVT Ltd
15 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 02-03-2015 JINDAL SAXENA 1250000.00 Phuspa khatana 2.3.2015 709300 FINANCIAL SERVICES PVT Ltd 02-03-2015 JINDAL SAXENA Rajendra kumar 2.3.2015 512764 FINANCIAL SERVICES PVT Ltd 02-03-2015 JINDAL SAXENA JINDAL SAXENA 2.5.2015 27936 FINANCIAL FINANCIAL SERVICES PVT Ltd SERVICES PVT Ltd Total 17366668.0 17366668.00 0 A.Y. 2016-17 IDBI Bank
Jindal saxena 363810.00 23.07.2015 363810 14-07-2015 Royal India financial services Pvt Ltd Jindal saxena Yogeshwar Trade Expo India Pvt. Ltd 541806.00 23.07.2015 541806 22-07-2015 financial services Pvt Ltd Jindal saxena 472560.00 23.07.2015 131990 22-07-2015 Royal India financial services Pvt Ltd Maha laxmi trading 24.07.2015 300000 22-07-2015 Royal India CO Jindal saxena 13.08.2015 40570 22-07-2015 Royal India financial services Pvt Ltd Jindal saxena 200000.00 13.08.2015 59430 12-08-2015 Rekha Jain financial services Pvt Ltd Jemini trading co 13.08.2015 105554 12-08-2015 Rekha Jain
Brr securities pvt ltd 8.09.2015 35016 12-08-2015 Rekha Jain 499216.00 Jemini trading co 13.08.2015 499216 13-08-2015 Royal India 495230.00 Jemini trading co 13.08.2015 495230 13-08-2015 Narula Surgical 1250000.00 Jemini trading co 16.08.2015 1000000 14-08-2015 Dinesh Modi Shubh labh traders 16.08.2015 250000 14-08-2015 Dinesh Modi 500000.00 Shubh labh traders 16.08.2015 500000 14-08-2015 Rimpy Bansal 1018049.00 Shubh labh traders 18.08.2015 1000000 18-08-2015 Golden Villas Brr securities pvt ltd 8.09.2015 18049 18-08-2015 Golden Villas
503860.00 Jemini trading co 26.08.2015 400000 25-08-2015 Narula Surgical Jindal saxena 100000 financial services Pvt 25-08-2015 Narula Surgical 6.09.2015 Ltd Brr securities pvt ltd 08.09.2015 3860 25-08-2015 Narula Surgical NYK ENTERPRISES 453940.00 Brr securities pvt ltd 08.09.2015 393075 05-09-2015 Pvt. Ltd Himalaya NYK ENTERPRISES 20.01.2016 60865 05-09-2015 Pvt. Ltd international Jindal saxena 07-12-2015 Chopra Diagnostic 1000000.00 08.12.2015 1000000 financial services Pvt Ltd Jindal saxena 09-12-2015 Chopra Diagnostic 900000.00 09.12.2015 900000 financial services Pvt Ltd Jindal Saxena Himalaya 1500000.00 18.01.2016 1500000 18-01-2016 Financial Services Pvt. Ltd. international Jindal Saxena Himalaya 2500000.00 18.01.2016 2500000 18-01-2016 Financial Services Pvt. Ltd. international Jindal Saxena Himalaya 1000000.00 18.01.2016 950000 Financial Services 18-01-2016 Pvt. Ltd. international Jindal Saxena Himalaya 19.01.2016 50000 Financial Services 18-01-2016 Pvt. Ltd. international Jindal Saxena Himalaya 2000000.00 19.01.2016 2000000 19-01-2016 Financial Services Pvt. Ltd. international Himalaya BRR Securities Pvt 669801.00 20.01.2016 669801 20-01-2016 Ltd international Jindal Saxena Himalaya 312919.00 20.01.2016 269334 Financial Services 20-01-2016 Pvt. Ltd. international Jindal Saxena Other expenses 20.01.2016 2100 20-01-2016 Financial Services Pvt. Ltd. Jindal Saxena Balance in bank 31.03.2016 41485 20-01-2016 Financial Services account Pvt. Ltd. Balance in bank Income Tax Refund 64840.00 31.03.2016 64840 11-03-2016 AY 2014-15 account 2,49,71,350.0 2,49,71,350.0 0 0 Total
17 to 9642/Del/2019 CO Nos. 91 to 94/Del/2022 M/s Shivji Garments Pvt. Ltd., 6. As far as charging of commission is concerned, it has been held in the case of Sh. Anand Jain and Sh. Naresh Jain that they were entry operators who were managing and controlling various shell concerns including the appellant for providing accommodation entries in lieu of commission. Hence, no addition on account commission is called for in this case. Since the assessee company is a conduit, the substantive addition has to be made in the name of the parties mentioned above as per the list given by the ld. AR. Hence, we hold that the ld. CIT(A) has rightly deleted the addition made on protective basis in the case of the assessee.
In the result, the appeals of the Revenue are dismissed and Cross objections of the assesee are dismissed as not pressed.
Order Pronounced in the Open Court on 06/02/2024.