2013 (10) TMI 316

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....ellant : J.K. Singhi and Anuroop Singh. For the Respondent : Naresh Gupta. ORDER:- Instant three appeals since arise from common judgment of Income Tax Appellate Tribunal ("Tribunal") dt.31.03.2010, hence heard together & disposed of by the present order. The revenue has preferred instant appeals U/s 260A of Income Tax Act,1961 ("Act, 1961") assailing judgment of the Tribunal dt.31.03.....

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....om the investigation it revealed that in the garb of tax consultation the owners and employees of this group were running the racket of providing accommodation entries of gifts, loans, share application money, share investment and long term capital gains in shares. It will be relevant to record that the present assessee might have been in consultation with M/s. B.C. Purohit & Company and a member ....

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.... the assessing officer and found that for clearing of the cheques issued by these companies either cash was deposited in the same account or in another account of the group company in fact was M/s. B.C. Purohit of which the present assessee was considered to be one of the group member. However, it was further observed that summons issued U/s 131 of the Act were served upon all such applicant/ cred....

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....f Kripa Shanker Sharma. The Tribunal while appreciating the factual matrix came on record observed that after the summons were issued U/s 131 of the Act,1961 to the applicant/creditors and their confirmation letters were filed and the companies were assessed to tax being private limited companies the existence of their separate legal entity ordinarily could not have been challenged more so when th....