TaxTMI 
TaxTMI 
2014 (1) TMI 1855
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....ed in confirming the addition of Rs. 500,000/- made u/s 68 of the Income Tax Act, 1961. 3. That the assessee has not been afforded any opportunity for rebutting the evidences on which the Ld. Assessing Officer has relied. Further, the assessee was also not afforded any opportunity to cross examine the witnesses of the department despite specific request being made to the Assessing Officer. Having regards to these facts and circumstances of the case the Ld CIT(A) has erred in law and on facts in confirming the addition. 4. That the Ld CIT(A) has not distinguished the facts of the case laws relied upon by the assessee before confirming the addition . 5. That in any case and in view of the matter, order of Ld. CIT(A) in confirming the....
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....02; and therefore, M/s. Ganpriya Exports Ltd. had returned back the sum of Rs. 15,00,000/- to the assessee company in the relevant Assessment Year and the said cheque No. 875501 dated 23.02.2001 was one of the said transaction. The assessee company also produced the copy of ledger account of Share Application Money (Ganpriya Exports) for the period from 01.04.1995 to 31.03.2001 and by doing so, the assessee wants to demonstrate that the receipt of a sum of Rs. 5,00,000/- vide cheque No. 875501 had been shown as refund of share application money from Ganpriya Exports Ltd. on 23.02.2001 and not from M/s. Avinashi Selling Agency (P) Ltd.; Assessee also claimed that the said receipt of Rs. 5,00,000/- cannot be termed as accommodation entry beca....
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..../- to the assessee company vide cheque No. 875501 dated 23.02.2001 without taking cognizance of the explanation by the assessee about fact that the said amount and cheque was remitted by Ganpriya Exports Ltd. and not by the entry provider M/s. Avinashi Selling Agency (P) Ltd. 5. The main grievance of the assessee is that it was not given an opportunity to cross examine the witness of the department and/or M/s. Avinashi Selling Agency (P) Ltd on whose testimony the department issued notice u/s 148 of the Act to the assessee despite the assessee's plea to the Assessing Officer to afford an opportunity to the assessee company to cross-examine the deponent who had accused it in order to test the veracity of the testimony and to elicit the trut....
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.... the Assessing Officer, that the assessee has received a cheque for Rs. 5,00,000/- on 23.02.2001 from M/s. Avinash Selling Agency (P) Ltd; and an enquiry was conducted by the Investigation Wing of the department revealed that the said M/s. Avinash Selling Agency Pvt Ltd. was not carrying on any actual business and found to be engaged in the activities of providing accommodation entries. On the said information from the Investigation Wing that M/s . Avinash Selling Agency Pvt Ltd is an entry operator and that vide cheque No. 875501 dated 23.02.2001 an amount of Rs. 5,00,000/- was remitted in the account of the assessee, the Assessing Officer re-opened the assessment. However, the assessee's consistent stand from the inception itself was that....