2023 (5) TMI 474

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....s Vaishali, Advs. For the Respondents Through: Mr Vipul Agarwal, Sr. Standing Counsel with Ms Shakshi Shairwal and Mr Gibran Naushad, Advs. RAJIV SHAKDHER, J.: (ORAL) CM APPL. 17580/2023 1. Allowed, subject to just exceptions. W.P.(C) 4601/2023 & CM APPL. 17579/2023 [Application filed on behalf of the petitioner seeking interim relief]. 2. Issue notice. 2.1 Mr Vipul Agarwal, senior stan....

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....d the order dated 16.03.2023 passed by the Assessing Officer (AO), whereby objections preferred by it were disposed of. 8. The record shows that the principal allegation against the petitioner/assessee is that it is a beneficiary of accommodation entry provided by Mr Anand Kumar Jain and Naresh Kumar Jain [hereinafter called "Jain brothers"] via certain dummy entities. 9. According to the respon....

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....loan, but the amount to which the petitioner/assessee admitted was Rs. 2,70,00,000/-, and not 6,85,00,000/-, as was put to the petitioner/assessee, in the notice issued under Section 148A(b) of the Act. 14. Thus, out of Rs. 2,70,00,000/-, the petitioner/assessee asserted in the said reply that Rs. 35,00,000/- was received from unrelated parties, and the balance of Rs. 2,35,00,000/- was received f....

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....enable. Apart from the loan taken of Rs. 35,00,000/- from the paper and dummy companies as stated above, the assessee has repaid loan of Rs.48,50,483/- to the various dummy and paper companies controlled and managed by Sh. Anand Kumar Jain and Sh. Naresh Kumar Jain (the Jain Brothers) who are in the business of providing accommodation entries to various beneficiaries. Thus the total transactions i....