2015 (12) TMI 127

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....s and in the circumstances of the case. 2 . That the learned Commissioner of Income tax (Appeals) erred in sustaining the finding of the Assessing Officer that the assessee was engaged in money laundering. 3. That the learned Commissioner of Income tax (Appeals) has erred in sustaining the addition on account of alleged accommodation entries to the tune of Rs. 16,65,000/- by invoking provisions of section 68 the Income Tax Act. 4. That the learned Commissioner of Income tax erred in rejecting the details and evidences adduced by the appellant explaining the deposits made in the bank accounts without properly going through the same. 5. That the learned Commissioner of Income-tax (Appeals) has erred in sust....

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....har Phase I, Branch of State Bank of Saurashtra on 21.11.2000 and had taken accommodation entries in this account from Charms Investments Pvt. Ltd. during the period relevant to Assessment Year 2004-05. During proceedings u/s 148 before ITO Ward 13(2), Shri Bharat Bhushan owned up the accounts operated by him in the name of M/s. Next Wave (India) Pvt. Ltd. and no regular business activities were done by Shri Bharat Bhushan and Smt. Renu Bhushan through the aforesaid account as the entries recorded in this account are only laundering of money. The transactions made through this account were never declared before any income tax authorities and these were come in light only in the inquiries made by the Investigation Wing of the Department. ....

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....nt directors of M/s. Next Wave (India) Pvt. Ltd. that they would bear the future liabilities likely to arise due to these financial transactions. So, the money with shri Bharat Bhushan and Smt. Ritu Bhushan in the books of account was operated by them in the name and style of M/s. Next Wave India Pvt. Ltd. with the intention of introducing their unaccounted money in the normal process. Therefore, entire receipt of Rs. 17,00,058/- is being treated as unexplained income of Shri Bharat Bhushan and Smt. Ritu Bhushan and has been added u/s 68 of the Act in the hands of the AOP pursuant to MOU annexed therewith. 7. Feeling aggrieved, the assessee challenged the order of A.O. by way of appeal before Ld. CIT(A) who has partly allowed the same. N....

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.... assessee to explain the source of credit otherwise the sum so credited may be charged to the income tax or the income of the assessee of that previous year. In the instant case, the assessee stated to have discharged the initial onus by explaining the credit entries before the A.O. but alleged to have not considered by the A.O. The assessee has relied upon the confirmation from APT Enterprises Pvt. Ltd., Anil Agencies Pvt. Ltd, New Age Services and Quality Buildcon Pvt. Ltd., with the bank statements of the parties stated to have been supplied to the A.O. 12. When the assessee has owned up the bank account No.010000050902 maintained with Bank of Saurashtra regarding the entry of Rs. 17,00,058/- and also discharged the initial onus by pr....