2014 (4) TMI 1197

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....47 and the consequent disallowance/addition of Rs. 5,07,300/- made by the AO as unexplained cash credit u/s 68 of the Act. 3. Briefly stated, the assessee, an individual during the year under consideration had declared a total income of Rs. 11,55,408/- and the said return was accepted by the AO u/s 143(1) of the Income-tax Act. Later on, based on the information received from DDIT (Inv.), Unit 1(4), Mumbai, the AO issued notice u/s 148 of the Act and completed the assessment u/s 143(3) r.w.s. 147 of the Act. The reasons recorded for reopening the assessment, in brief, was due to the information obtained vide search and seizure operation carried u/s 132 of the Act in the case of M/s. Mahasagar Securities Pvt. Ltd. & other companies. Accor....

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....S for accommodation entries of various beneficiaries against the receipt of cash & third party cheques for giving accommodation entries to the beneficiaries. On appeal, the Ld.CIT(A) upheld the validity of reopening/reassessment proceedings and also the addition made by the AO. Aggrieved by the impugned order, the assessee is in appeal before us. 4. Having regard both the sides and perused the material on record, it has been brought to our notice that similar additions/disallowances made in the hands of other beneficiaries based on the statement of M.M. Choksi has been deleted by the Tribunal as nothing has been found against the assessees. It has further been observed that in some of the cases of the beneficiaries, the Hon'ble Jurisdict....