2021 (10) TMI 437

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....et, it is noticed that none appeared on behalf of assessee in spite of calls and even no application for adjournment was moved. On the other hand, Ld. DR is present in the court and is ready with arguments. Therefore, we have decided to proceed with the hearing of the case ex-parte with the assistance of the Ld. DR and the material placed on record. 3. Brief facts of the case are, the assessee filed its return of income on 10.09.2013 declaring total income at Rs. 7,51,860/-. The return was processed u/s 143(1) of the Income Tax Act, 1961 (in short the Act) and subsequently, the case was selected for scrutiny under CASS. The assessment was completed on 19.03.2015 u/s 144 of the Act and assessing total income of Rs. 9,26,64,120/-. Subseque....

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.... the addition of Rs. 7,00,000/- with the observations that the concerned Rajat Diamonds is involved in the accommodation entries which belongs to Gautam Jain Group. 4. Aggrieved with the above order, the assessee preferred appeal before the Ld. CIT(A), the assessee filed the detailed submission objecting to the addition of unsecured loan and addition of sundry creditors relating to accommodation entries and filed the detailed submission along with loan confirmation and balance confirmation from all the sundry creditors. The Ld. CIT(A) remanded the matter to Assessing Officer and Assessing Officer has filed the remand report dated 01.03.2018. After considering the remand report and submission from the assessee, the Ld. CIT(A) deleted the ....

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....amond Exim Pvt. Ltd. which are the entities operated by Shri Gautam Jain group. 2. On the facts and in the circumstances of the and in law, the Id. CIT(A) has failed to appreciate the fact that the addition of Rs. 7,00,000/- was made on account of unsecured loan taken by the assessee from M/s Rajat Diamond Pvt. Ltd. which is a concern operated by Shri Gautam Jain group of companies. 3. On the facts and in the circumstances of the and in law, the Id. CIT(A) failed to appreciate the fact that the addition is made on the basis of information received from DIT (Inv)-I, Mumbai that the assessee has taken accommodation entries from concerns operated by Shri Gautam Jain group of companies. 4. On the facts and in the circ....