TaxTMI 
TaxTMI 
2022 (11) TMI 1248
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.... ld. "CIT(A)"] dated 11.11.2021 arising out of the assessment order framed u/s 143(3) of the Act dated 28.12.2018. 2. Registry has informed that the appeal is time barred by 136 days. Condonation application has been filed by the assessee. After perusing the same, I find force in the reasons mentioned therein and are satisfied that the assessee was prevented for reasonable cause in filing the instant appeal within statutory time limit. I, therefore, condone the delay and admit the appeal for adjudication. 3. Brief facts of the case are that the assessee is a private limited company engaged in business. Income of Rs. 13,350/- declared in the e-return filed on 19.01.2018. Case selected for scrutiny through CASS followed by serving of no....
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.... raising the following grounds of appeal: "1. For that in view of the facts and in the circumstances the Ld. CIT(A) erred in not holding the order passed by AO u/s 143(3) as bad and illegal and in view of the facts and in the circumstances it may be held accordingly. 2. For that in view of the facts and in the circumstances the Ld. CIT(A) was wholly unjustified in affirming the action of AO in treating the transaction between the appellant and other related concerns as accommodation entry and treating the appellant as alleged accommodation entry provider merely on the basis of assessment made in case of such other persons and such action of the AO was without any tangible material and merely on incorrect assumption and pre....
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....submissions filed before ld. AO including the income tax return and financial statements of the companies which have transacted with the assessee company during the year. Reference was also made to the audited financial statements as well as the assessment order of the assessee company for AY 2013-14 framed u/s 143(3) of the Act wherein the Department has not treated the assessee as an accommodation entry provider/shell company and the assessee is assessed to be one engaged in the business of share investment. 7. Per contra, ld. D/R referred to a chart containing the details of various companies with whom the assessee has transacted during the year and stated that most of the companies are located at the same address and common Directors....
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....ng and generally in such cases commission income is computed on the unexplained transactions rotated through the bank accounts. 10. But in the instant case, complete details of the source of the funds received during the year as well as the amounts transferred to other companies has been filed by the assessee. Revenue authorities have failed to find any defect in such details. In the past for AY 2013-14 assessee's case was assessed u/s 143(3) of the Act and the assessee has not been held to be entry provider but has been assessed to be engaged in business of share investment. This plea of ld. D/R that most of the companies are having meagre income and no source of funds is also not correct as in the case of P G Industries Ltd., returned ....