TaxTMI 
TaxTMI 
2017 (6) TMI 1164
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.... erred in deleting the addition of Rs. 3,17,67,951/- made on account of unexplained credits u/s. 68 of the I.T. Act. 2. The appellant craves leave for add, alter or amend any ground of appeal raised above at the time of hearing of this appeal. 2. The brief facts of the case are that the assessee had filed its return of income for the relevant assessment year 2005-06 on 29.10.2005 declaring income of Rs. 3,557/-. The return was processed u/s. 143(1) of the I.T. Act, 1961. Subsequently, the notice u/s. 143(2) of the Act was issued to the assessee. In response to the notice, the A.R. of the assessee attended the proceedings from time to time and filed the details. In this case during the year the share capital of the assessee compa....
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....nds of beneficiaries, the amount of total credits of Rs. 3,17,67,951/- made in its bank account with Kotak Mahindra Bank, KG Marg, New Delhi, during the year was added to the income of the assessee on protective basis and accordingly the AO completed the assessment at Rs. 3,27,37,450/- u/s. 143(3) of the I.T. Act, 1961 vide order dated 27.12.2007. Aggrieved by the assessment order dated 27.12.2007, the assessee appealed before the Ld. CIT(A), who vide his impugned order dated 23.05.2014 has deleted the addition and partly allowed the appeal of the assessee. 3. Aggrieved with the impugned order of the Ld. CIT(A), the Revenue is in appeal before the Tribunal. 4. Ld. DR relied upon the order of the AO and reiterated the contentions raise....
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........................................... Sh. PN Jha in his answer to the various questions categorically explained that the company is doing the business of investment and finance. In answer to Q.No. 8 he explained that the bank accounts of the company have been used for providing the accommodation entries. The company has earned the gross commission income ranging from 0.5% to 1% and after adjusting the various expenses the net income ranges between 0.25% to 0.5%. He categorically explained that the various entries have been rotated through their bank accounts and entries to the following have been given during the year as appearing in the books of accounts as on 31.3.2005. Investments As at 31.03.2005 As at 31.03.2004 ....
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....mportance wherein he categorically admitted that the company was doing the business of investment and finance and during the year the bank accounts of the company have been used to provide the accommodation entries. The addition of Rs. 3,17,67,951/- made by the Assessing Officer on protective basis therefore, deserves to be deleted." 7. On going through the aforesaid findings of the Ld. CIT(A), we find that the Assessing Officer made the addition of Rs. 3,17,678,951/- on protective basis u/s. 68 of the Act. The Assessing Officer accepted the fact that the assessee is acting as the entry operator. The case was remanded back to the Assessing Officer for his specific comments on the quantum of share application money received by the company....
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....k Finlease Ltd 150000.00 150000.00 Chintan Securities &Fin. Ltd. 650000.00 . 650000.00 .ABO Investment Pvt. Ltd . 1960000.00 560000.00 Flnwiz Capital Services Pvt. Ltd 4850000.00 450000.00 G&G Pharma (I) Ltd 450000.00 450000.00 Meenakshi Overseas Pvt. Ltd 1100000.00 1100000.00 Zars Trading Pvt. Ltd. 400000.00 400000.00 Investwell Securities Pvt. Ltd. 500000.00 500000.00 Afroshaster Mercants Pvt. Ltd. 910000.00 -- Aggregate Finance & Inve. P ltd. 5665000.00 ~ -- Genius Polymers Pvt. Ltd. 3500000.00 -- Hareram Restaurents Pvt. Ltd. 1100000.00 -- Meghna Towers Pvt. Ltd. 1050000.00 -- Rajat Chits Pvt. Ltd. 70....