“accommodation entry”

Svp South West Industries Ltd. (Formerly, Platinum Textile Ltd.), Mumbai-400005 vs. Commissioner of Income Tax, Central Circle-8(2), 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

Citron Infraproject Ltd., Mumbai-400005 vs. Dy Commissioner of Income Tax, Central Circle-7(2), Mumbai-400020

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

Citron Infraproject Ltd., Mumbai-400005 vs. Dy Commissioner of Income Tax, Central Circle-7(2), Mumbai-20

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

Rubberwala Developers, Mumbai vs. ITO 19(3)(2), Mumbai

In the result, the appeal is allowed for statistical purposes

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

Director of M/s. Rubberwala Housing & Infrastructure Ltd. who is one of the partners in the assessee-firm has admitted during the survey proceedings that accommodation entries have been taken of unsecured loans from certain parties in all its group concerns. The Assessing Officer (AO) noticed that the assessee firm ... taken loan of Rs. 22,50,000/- from one M/s. Radhe Krishna Gems Pvt. Ltd. who is identified as accommodation entry providers based in Surat. Accordingly, the AO issued notice under section 148 of the Act reopening the assessment of the assessee. The assessee vide letter dated 22.09.2016 submitted that

Sunita Motilal Sinha, Mumbai vs. ITO 25(1)(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Justice (Retd.) C V Bhadang, Hon’Ble& Shri B.R. Baskaranassessment Year 2014-15

with the financials and fundamentals of the company. Accordingly, the Ld D.R submitted that surrounding circumstances would show that the assessee has availed only accommodation entry in the form of long term capital gains. 5. In the rejoinder, the Ld A.R submitted that the prices of shares are determined

DCIT, Income Tax Mumbai vs. Peacemoon Traders, Mumbai

In the result the appeal of the learned AO is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Peacemoon Traders Dcit Bw 3181/3182/B-Tower, Room No.506, 5Th Floor, Bharat Diamond Bourse, Vs. Piramal Chamber, Bkc Bandra (E), Lalbaug, Mumbai-400 012 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaafp4501D

ignoring the fact that the DGIT (Inv.), had proved beyond doubt that Mr. Bhawarlal Jain & his Group concerns were involved in providing accommodation entry of sales & purchases without actual delivery of goods and the assessee was one of the beneficiary who accepting accommodation entries for the purchases of goods ... categorically stated that those four entities to whom the assessee claimed to have made purchases are managed and controlled by him for providing the accommodation entry only with no real business. 3.Whether on the facts and in the circumstances of the case

M/S Ashtech (India) Private Limited, Mumbai City vs. The Deputy Commissioner of Income Tax, Central Circle 1(4), Mumbai

In the result, the appeals of the assessee from AY 2013-14 to

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

Rs.1,48,00,000/-plus interest of Rs. 9,54,260/-). According to the Assessing Officer, these credits were loans in nature of accommodation entries because both those companies were controlled and operated by entry provider sh Prakash Jajodia, therefore, he asked the assessee to discharge burden ... satisfied with the contention of the assessee. According to him the shareholders of those two concerns were found to be dummy directors controlled by accommodation entry provider Sh Prakash Jajodia. The Assessing Officer referred to the statement of Shri Prakash Jadodia recorded u/s 131 of the Act dated

Surya Diam, Gujarat vs. ACIT CC -1(3), Mumbai

The appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

Income-tax Act, 1961 (in short 'the Act'), at the premises of “Shri Bhanwarlal Jain” group, it revealed that he was engaged in issuing accommodation entries to others for bogus loans/sales/imports through entities controlled by him, including the assessee. Thus, in view of the information the assessee being ... assessment completed u/s 147 of the Act, the Assessing Officer treated the assessee as engaged in issuing accommodation entry bills and accordingly assessed the commission income on bogus unsecured loans/bogus purchase/sales etc. But along with the commission income, the Assessing Officer also assessed not only assessed the trading results appearing

M/S. Navkar India, Surat vs. ACIT CC -1(3), Mumbai

The appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

Income-tax Act, 1961 (in short 'the Act'), at the premises of “Shri Bhanwarlal Jain” group, it revealed that he was engaged in issuing accommodation entries to others for bogus loans/sales/imports through entities controlled by him, including the assessee. Thus, in view of the information the assessee being ... assessment completed u/s 147 of the Act, the Assessing Officer treated the assessee as engaged in issuing accommodation entry bills and accordingly assessed the commission income on bogus unsecured loans/bogus purchase/sales etc. But along with the commission income, the Assessing Officer also assessed not only assessed the trading results appearing

Chaitali Gems, Mumbai vs. Income Tax Office, 19(1)(1), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm Chaitali Gems Income Tax Office Dw-6110, Bharat Diamond 19(1)(1) Bourse, Bandra Kurla Vs. Piramal Chambers, Complex, Bandra East, Lalbagh, Mumbai-400 012 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaafc2052Q Assessee By : Shri K.A. Vaidyalingan, Ar Revenue By : Shri H.M. Bhatt, Dr

20/9/2010 declaring a total income of Rs. 783,500/–. Subsequently the information was received on conduct of search on 3/10/2013 on Mr.Bhanwar LalJain an accommodation entry provider who is issuing bogus purchase bills through various Benami concerns operated and managed by him. He has confirmed in his statement the modus ... Gems; A.Y. 10-11 entries. The details of the beneficiaries were also provided wherein the name of the assessee was found who obtained in accommodation entries of bogus purchase of Rs. 13,165,072/– through 2 entities who are operated by that accommodation entry provider. Therefore, the notice under section

Income Tax Officer, Mumbai vs. Mustafa Zainuddin Nalawala, Mumbai

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

Bench: Shri Anikesh Banerjee & Miss. Padmavathy.S

bogus purchases ignoring the fact that the Sales Tax Department has proved beyond doubt that 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 purchase." 3 3 Chabdresh C Mehta & ITA 3194/Mum/12023 ... Mumbai about having received vital information from Sales-tax Department of Maharashtra amongst some dealers in MVAT 2002 purchases in the nature of the accommodation entry. As per the basis of information, the notice under section 147 was issued. Accordingly, the purchase of assessee from different parties amounting to Rs.26

Income Tax Officer-19(1)(1), Mumbai vs. Chandresh Chhaganlal Mehta, Mumbai

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

Bench: Shri Anikesh Banerjee & Miss. Padmavathy.S

bogus purchases ignoring the fact that the Sales Tax Department has proved beyond doubt that 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 purchase." 3 3 Chabdresh C Mehta & ITA 3194/Mum/12023 ... Mumbai about having received vital information from Sales-tax Department of Maharashtra amongst some dealers in MVAT 2002 purchases in the nature of the accommodation entry. As per the basis of information, the notice under section 147 was issued. Accordingly, the purchase of assessee from different parties amounting to Rs.26

Smt Pawanben Pannalal Gulecha, Mumbai vs. The ITO, Ward-18(2)(5), Mumbai

In the result, both the appeals of the assessee are allowed on merits

transaction cannot be said to be bogus. Unless there is direct evidence against the assessee that assessee was part of any beneficiary of accommodation entry. He has also relied upon various judgments of the Tribunal. 10. Ld. DR was directed to produce any investigation carried out on this scrip ... shares of the company was bell shaped curve which shows that it is a typical penny stock company, only used for providing accommodation entries. 11. However, from the perusal of the report and order of the SEBI in the matter of Gavit Industries Ltd., we find that there

Shri Pannalal Hastimal Gulecha, Mumbai vs. The ITO, Ward-23(2)(7), Mumbai

In the result, both the appeals of the assessee are allowed on merits

transaction cannot be said to be bogus. Unless there is direct evidence against the assessee that assessee was part of any beneficiary of accommodation entry. He has also relied upon various judgments of the Tribunal. 10. Ld. DR was directed to produce any investigation carried out on this scrip ... shares of the company was bell shaped curve which shows that it is a typical penny stock company, only used for providing accommodation entries. 11. However, from the perusal of the report and order of the SEBI in the matter of Gavit Industries Ltd., we find that there