“accommodation entry”

Arjun Manoj Purohit, Thane vs. Income Tax Officer, Ward-2(1), Thane

In the result, both the appeals of the assesse are allowed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.3654/Mum/2023 (िनधा"रण वष" / Assessment Year: 2014-15) & आयकर अपील सं/ I.T.A. No.3655/Mum/2023 (िनधा"रण वष" / Assessment Year: 2015-16) बनाम/ Arjun Manoj Purohit Ito, Ward-2(1) Room No. 25B, 6Th Arjun Niwas Padmavati Vs. Nagar, 150 Feet Road Floor, Asher It Park, Shyander (W), Thane- Road No. 16Z, Wagle 401105. Industrial Estate, Thane- 400604. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Anxpp8321K (अपीलाथ" /Appellant) (""थ" / Respondent) .. Assessee By: Shri Rakesh Joshi Revenue By: Shri Manoj Kumar Sinha (Sr. Dr) सुनवाई की तारीख / Date Of Hearing : 03/04/2024 घोषणा की तारीख /Date Of Pronouncement : 02/05/2024 आदेश / O R D E R

other related entities; and in that event, Shri Vipul Vidur Bhatt’s statement was recorded on 09.02.2016, wherein he accepted that he was providing accommodation entry to beneficiaries through more than 300 paper companies; and Assessing Officer further noted that in the relevant assessment year the assessee had shown ... Lakhs from M/s. Shipra and Rs.40 Lakhs from M/s. Lunkad (total of Rs.1,17,00,000/-) which loan according to the AO were mere accommodation entry. And therefore, he recorded his satisfaction that there was escapement of income and he reopened the assessment. The assessee participated in the re- assessment

Anil Chothmal Patodia HUF, Mumbai vs. National Faceless Appeal Centre (NFAC)- Delhi, Delhi

In the result, appeal of the assessee is allowed on legal grounds

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

bogus Long Term Capital Gain facilitating tax evasion by a large number of persons. The assessee is one such person who has availed accommodation entries of bogus LTCG. The above manipulations are corroborated by the strong statements of various persons, recorded during the said investigation. 4. Information received from KOLKATA ... Investigation Directorate, that assessee has obtained accommodation entries of bogus Long Term capital Gain through trading in EINS Edutech Ltd., one of the Penny stock company for sales consideration of Rs.3,35,51,000/- and claimed Long Term Capital Gain of Rs:1,18,39,977, as exempt income

DCIT, Income Tax Mumbai vs. Peacemoon Traders, Mumbai

In the result, both the appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

that on the basis of search and survey action conducted in the case of Shri Bhawarlal Jain it was found that he was providing accommodation entry for purchases from various parties. The assessee has also made purchases from four such parties for A.Y.2007-08 and one party in A.Y.2009-10 and accordingly

DCIT, Income Tax Mumbai vs. Peacemoon Traders, Mumbai

In the result, both the appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

that on the basis of search and survey action conducted in the case of Shri Bhawarlal Jain it was found that he was providing accommodation entry for purchases from various parties. The assessee has also made purchases from four such parties for A.Y.2007-08 and one party in A.Y.2009-10 and accordingly

Maya Milind Sirsath, Mumbai vs. Income Tax Officer 33(2)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

Mumbai that an enquiry was conducted in the penny scrip namely M/s. Nimbus Industries Limited (Script Code-530971) vis-à- vis providing Bogus Accommodation Entry in LTCG/STCL/Business Loss and beneficiaries involved are analysed by the DIT (Inv.)-Unit-4(2), Mumbai. On verification, it was found that you were ... /Information/Nimbus/2018-19_dated 15.03.2019. Enquiries have been conducted in the penny scrip namely M/s. Nimbus Industries Limited (Script Code- 530971) vis-à-vis providing Bogus Accommodation Entry Of Long Term Capital Gains /Short Term Capital Loss /Business Loss and beneficiaries involved are identified by DDIT(Inv), Unit 4(2), Mumbai. While conducting

Income-Tax Officer Ward 20(2)(1), Mumbai. vs. Mukhtar Ahmed Khan, Mumbai

In the result, appeal of the Revenue and the cross objection by the assessee are dismissed

Bench: Shri Narender Kumar Choudhry, Judicialmember & Shri Girish Agrawalassessment Year: 2011-12 Income Tax Officer, Ward-20(2)(1), Mukhtar Ahmed Khan Mumbai. 4, Kopargaon Estate, Vs. Love Lane, Mazgaon, Mumbai – 400 010 (Pan : Aacpk8056E) (Appellant) (Respondent) & C.O. No. 24/Mum/2024 In Ita No.3202/Mum/2023 Assessment Year: 2011-12

purchases ignoring the fact that the Sales Tax Department has proved beyond doubt that the parties declared as hawala traders were involved in providing accommodation entry of purchases and the assessee was one of the beneficiary of accepting accommodation entry for the purchases. 2. Whether on the facts ... assessee could not corroborate with documentary evidence the genuineness of the aforesaid purchases and thus held that assessee had taken accommodation entry of purchases from the said parties, thereby making an addition u/s. 69C as unexplained expenditure of Rs.89,39,268/-. 4.1. Aggrieved, the assessee went into appeal before

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Shrivallab Pitte Industries Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Shrivallab Pitte Industries Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Shrivallab Pitte Industries Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Shrivallab Pitte Industries Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Shrivallab Pitte Industries Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

ACIT (CC) -8(2), Mumbai vs. M/S. Helios Mercantile Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section 69C of the act being

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section 69C of the act being

Asstt Commissioner of Income Tax, Central Circle-6(1), Mumbai vs. Helios Mercantile Limited, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section

ACIT (CC)-8(2), Mumbai vs. Helios Exports Ltd, Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

time to give the explanation which was never given. The learned assessing officer found that sales and purchases made by that company are bogus accommodation entries proved by the investigation wing to the assessee, the outstanding creditors in that company's books of account remained unpaid for many years. That ... statement of various persons recorded and held that it is now conclusively proved that the sale and purchase of the STPL are nothing but accommodation entries on behalf of SVP group including the assessee. Thereafter the learned assessing officer held that there is an addition under section