2019 (11) TMI 974

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....: None Respondent by: Shri R. Clement Ramesh Kumar, Addl. CIT ORDER PER DUVVURU RL REDDY, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-4, Chennai dated 18.07.2018 relevant to the assessment year 2012-13. The only effective ground raised in the appeal of the assessee is that the ld. CIT(A) has erred in c....

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....x Pvt. Ltd. was providing accommodation entries and bills to the present assessee M/s. Shubh Diamonds. The sworn statement recorded on 10.11.2014 during the course of post search/survey action in the case of M/s. Nazar Impex Pvt. Ltd., M/s. Mayank Impex and M/s. Nayan Gems from Shri Sanjay Choudhary who was a director of M/s. Nazar Impex Pvt. Ltd. and M/s. Mayank Impex, it was found that M/s. Naza....

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....and gone through the orders of authorities below. The assessee is engaged in the business of manufacturing and trading in diamond and gold jewellery. On perusal of the assessment order, it is noticed that the assessee had alleged purchase of diamonds to the tune of Rs. 19,49,125/-from the accommodation entry providers. This fact of accommodation entry was unearthed by the investigation Wing of the....

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....e bonafide. However, the ld. CIT(A) has observed that it is an admitted fact that in such type of accommodation transactions, the transacting parties evolve all possible ways and means to give it a colour of genuineness and bonafide character. Therefore, the ld. CIT(A) was of the view that the contention of the assessee that payments were made through banking channel to the supplier of diamonds ha....