2019 (6) TMI 837

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....he confirmation of addition of Rs. 25.00 lakh each made by the Assessing Officer (AO) u/s. 68 of the Income-tax Act, 1961 (hereinafter also called `the Act') in the hands of all the three assessees. 3. Briefly stated, the facts for ITA No.1863/PUN/2018 in respect of High Tech Herbals (India) Pvt. Ltd. are that the assessee is a Private Limited company engaged in trading in herbal products. Assessment was reopened on the basis of search and survey carried out in the case of Shri Praveen K. Jain and his group on 01-10-2013 by the Directorate of Investigation, Mumbai, which transpired that Shri Praveen K. Jain was engaged in providing accommodation entries, such as, bogus unsecured loans, bogus share application money and bogus sales through....

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....he first appeal. Aggrieved by the same, the assessee has come up in appeal before the Tribunal. 4. The facts of ITA No.1864/PUN/2018 in respect of Khadkeshwar Oil Mills Pvt. Ltd. are similar. Here again, the assessee company introduced receipt of share application money of Rs. 25.00 lakh by issuing 50,000 shares with face value of Rs. 10/- at a premium of Rs. 40/-. The alleged share applicant in this case is Triangular Infocom Ltd. which is also one of the companies operated by Shri Praveen K. Jain. The AO made addition in the similar manner, which got confirmed by the ld. CIT(A) also. 5. In so far as ITA No.1865/PUN/2018 in respect of Maruti Tyres Pvt. Ltd., is concerned, here again it is found that the factual position is similar. The a....