2015 (10) TMI 2725

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....hearing from time-to-time but none-appeared on behalf of the assessees despite issuance of notice by RPAD. Even learned Departmental Representative was not able to furnish the requisite information and therefore the case was further adjourned and finally posted for hearing on 7.10.2015. On this date learned Departmental Representative filed brief written submissions which are taken on record. 4. Mr. Sanjay Ashok Jain :- In the case of above assessee three assessment years are involved i.e. A.Ys. 2007-08, 2008-09 & 2009-10. The Registry has issued a defect memo on the ground that name of the appellant in Form No. 36 does not match with the challan. In the cause title the name of the appellant is shown as 'Sanjay Ashok Jain'. Even in ve....

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....bove mentioned company for the year under consideration (i.e. A.Y. 2007-08) to the tune of Rs. 2,78,660/-. Similarly for A.Y. 2008-09 the Assessing Officer was of the opinion that the assessee had obtained/availed accommodation entries to the tune of Rs. 3,64,320/- and for A.Y. 2009-10, the accommodation entries were to the tune of Rs. 2,44,360/-. Based on this information the Assessing Officer issued notice u/s. 148 of the Act. Thereafter the matters were taken up for scrutiny wherein the assessee was asked to show-cause as to why accommodation entries should not be added to the total income of the assessee u/s. 69 of the Act. In response thereto, the assessee submitted that he had not purchased above shares and in fact payment for purchas....

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....ed the impugned sums as undisclosed investment u/s. 69 of the Act. 8. On an appeal learned CIT(A) observed that the assessee alongwith six other family members have obtained benefit from Mr. Mukesh Choksi in obtaining bogus bills; Mr. Mukesh Choksi passed on the bills to various clients on receipt of equal amount of cash alongwith nominal commission charges against such transaction and thus the assessee alongwith six family members have made a huge undisclosed investments in purchase of shares and therefore the Assessing Officer was justified in issuing notice u/s. 148 of the Act and also in bringing to tax the undisclosed investments u/s. 69 of the Act. He thus affirmed the action of the Assessing Officer. 9. Further aggrieved, the a....