AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (8) TMI 262
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....5. 2. In this appeal, the assessee has raised following grounds: "1. On the facts and circumstances of the case the learned Commissioner Tax (Appeals) has erred in confirming the order of Assessing Officer. 2. The learned Commissioner of Income Tax (Appeals) has erred in law and in facts in confirming the order of Assessing Officer without complying with the principles of natural justice. 3. The learned Commissioner of Income Tax (Appeals) has erred in law and in facts by not considering the facts that the all the transactions are done by the husband of the Assessee and she has not done any transactions The same transactions are offered for income by the husband of assessee and were taken into consideration whi....
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....ank accounts. In assessee's statement recorded on oath under section 131 of the Act, it was stated that her husband Shri Vijay Udaykumar Udani was handling the operation of these accounts and she was not aware of the details and source of such cash deposits. Thereafter, the statement on oath of assessee's husband was also recorded under section 131 of the Act. In his statement, assessee's husband submitted that he has given RTGS entry from his wife's bank accounts in lieu of cash received from one Shri Mohammed in favour of various entities. In absence of identity and whereabouts of the entities/beneficiaries as well as confirmation regarding these transactions, the Assessing Officer, vide order dated 28/12/2016 passed under section 143(3) ....
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.... confirmation regarding the alleged cash transaction. From the perusal of bank statements, it is also evident that there are various back-to-back transactions in cash and withdrawal of the equivalent amount through cheque. In these bank accounts, apart from these transactions, there are no other major transactions. The assessee for the first time, before the learned CIT(A), has raised the plea that it is an accommodation entry provider and earns commission of 0.15% to 0.25%. The assessee has also provided a copy of assessment order passed in the case of husband wherein, inter-alia, receipt of cash has been alleged from Shri Mohammed. Further, the husband of the assessee has also claim himself to be an accommodation entry provider and accept....
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....ed DR, vide written submissions dated 08.06.2022, made following submissions: "During the course of hearing, it was also brought to your kind notice about letter dated 17.05.2022, 19.05.2022 and letter of the Jt. CIT, Central Circle-1(3), Mumbai, which was submitted, wherein a detailed note covering Benami Act is provided for treating such habitual defaulters, who are misleading the department and may kindly be incorporated in the order, which will send the right signals to such habitual defaulters like Shri Mukesh Choksi, who was representing this case. Furthermore, a cursory look of the records also show that penal provisions u/s. 269SS and 269T is squarely applicable on these cash deposits / loans of Rs. 2,97,35,000/-, wherein p....
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....pertinent to note that in the aforesaid decisions, the Hon‟ble Court and coordinate bench of Tribunal considered the facts of the case, which are in context not similar to the present case. As in the case cited supra before the Hon‟ble jurisdictional High Court, the cash deposits were already accounted for in the assessment orders of the beneficiaries. Further, as noted above, coordinate bench of the Tribunal has followed the judicial precedents in group concern's case. Though, it can be accepted that in case of accommodation entry provider only commission can be considered as the taxable income, however, the rate of commission considered justifiable in other cases cannot be readily accepted in the present case, particularly whe....