TaxTMI 
TaxTMI 
2014 (11) TMI 760
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....led the Act). In this case, the information received from the DIT(Inv.), that during the course of investigation in the case of Mukesh Gupta group along with its close confidants Shri Rajan Jassal & Shri Surinder Pal Singh, it was found that the group had operated multiple accounts in various branches to plough back unaccounted black money for the purpose of business or for personal needs such as purchase of assets etc. in the form of gifts, share application money, loans etc. During the course of investigations by the DIT(Inv.) it was discovered that the assessee (entry takers or beneficiaries) who have unaccounted money and wanted to introduce the same in the books of accounts without paying tax approached another person i.e. entry operat....
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....h questionnaire was also issued on 16/09/2011 and served upon the assessee by the speed post. In response to these notices the Authorized Representative of the assessee appeared before the AO and filed letter for adjournment and the case of the assessee was adjourned. Further notice u/s 142(1) and notice u/s 143(2) of the Act were issued on 17/10/2011 and served upon the assessee by speed post. After that the show cause notice for final opportunity were also issued to the assessee fixing the case for hearing on 14/11/2011 in response to the same the Authorized Representative of the assessee were appeared and filed part details and case was adjourned to 21/11/2011 for filing remaining details. Later on the case of the assessee was also adjou....
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....bank statement of the party M/s Shattarchi Fin. & Leasing P. Ltd. has been obtained from the bank and this amount of Rs. 30 lacs is reflected in the bank statement. 6.1 The AO considered the submission of the assessee but not accepted the same because the assessee have no dealing with M/s Shattarchi Fin. & Leasing P. Ltd. and this amount of Rs. 30 lacs was recoverable only from M/s Miraculas Construction P. Ltd. against the leasing charges due from 1995-96 to 1997-98. As M/s Shattarchi Fin. & Leasing P. Ltd. from whom the assessee has received the amounts have been subject to certain investigatin by the Investigation Wingh, wherein it has been found that it is not carrying on any actual business. It has been found to be engaged in activiti....
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....f Rs. 30 lacs received from M/s Shattarchi Fin. & Leasing P. Ltd. was only a camouflage to introduce the assessee company on unaccounted money into the business and this transaction is a bogus transaction and is not relating to the business activities of the assessee. The AO added Rs. 30 lacs to the income of the assessee company by passing order dated 16/12/2011 u/s 147/143(3) of the IT Act. 6.2 Aggrieved by the assessment order dated 16/12/2011 assessee filed an appeal before the ld. First Appellate Authority who vide impugned order dated 15/11/2012 dismissed the appeal filed by the assessee by upholding the assessment order dated 16/12/2011. Now the assessee has filed the present appeal against the impugned order dated 15/11/2012 passed....
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....01 for A.Y. 1995-96 u/s 143(3)/250; (iv) CIT(A) order dated 07.08.2002 for A.Y. 1995-96 u/s 143(3)/250; (v) ITAT order dated 31.08.2006 for A.Y. 1995- 96; (vi) Balance sheet and Computation of Income as on 31.03.2003; (vii) Balance sheet and Computation of Income as on 31.03.2003; (viii) copy of account of Miraculous Const. Co. Pvt. Ltd.; (ix) copy of lease agreement dt. 21/01/1995 with Miraculous Const. Co. P. Ltd. 9. Ld. Counsel for the assessee has not draw our attention towards the documentary evidence filed by the assessee in the shape of paper book. He only argued as we have stated above. 10. On the contrary, ld. DR relied upon the impugned order passed by the ld. First Appellate Authority. He further stated that the assessee has ta....
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....order for A.Y. 1995-96 and found that said company was not working or traceable at that time. As per assessee company bank account, the payment reflected and had been received from M/s Shattarchi Fin. & Leasing P. Ltd. did not have any business dealing with this party. 12. After going through the order passed by the Revenue Authority, we are of the view that the assessee was unable to prove the identity, genuineness and creditworthiness of the party from whom the amount had been received and could not correlate it to any business activities. We have also perused the documentary evidence filed by the assessee in the shape of paper book and we are of the view that assessee has failed to prove that the draft/cheque of Rs. 30 lacs dated 24/05/....