APPROVA EXPORT PVT. LTD.,KOLKATA vs. I.T.O.,WARD-2(2), KOLKATA

The only issue raised by the assessee against the confirmation of addition of ₹60 lacs by the ld. CIT (A) as made u/s 68 of the Act by the ld. AO.

The ld AR at the outset submitted that the AO in last para at page no.1 of the assessment order stated that the assessee is engaged in bogus /accommodation entries provider and also layering for transfer of black money to beneficiary companies. Similar on page no.3 of the assessment order , the ld. AO again noted that the

The ld. DR relied on the order of lower authorities.

After herring the rival contentions and perusing the materials available on record, we find that the ld. AO in the assessment order at several places given finding that the assessee is a accommodation entry provider thereby converting the black money into white money and passing on to various beneficiaries and entities. However, the addition made was in contraction to the conclusion drawn by the AO in the assessment order. Similarly the ld. CIT (A) affirmed the order by relying various case laws which is again in contraction to the finding given by the ld. AO that the assessee is an accommodation entry provider. Considering these facts and circumstances, in our opinion it would be reasonable to restore the appeal to the file of the ld. AO for