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2023 (6) TMI 43
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....mmissioner of Income Tax (Appeals) has erred in upholding the action of the Ld. Assessing Officer in making addition of loan amounting to Rs. 8,00,000/- under section 69A of the Income Tax Act, 1961; disregarding the factual and legal matrix of the case; inter-alia the following: a) that the impugned addition of Rs. 8,00,000/- is made disregarding the documentary evidences produced by the Appellant to substantiate the genuineness of the transaction, identity of the lender and creditworthiness of the lender. b) that the amount of Rs. 8,00,000/- credited in Appellant's bank account represents short term loan; which was duly repaid back within a short span of time. 2. In the facts and circumstances of the case an....
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....ncome Tax Act, 1961 was carried out on 2$h June, 2015 in the case of Ahuja Group and their associated concerns at their offices branches, side offices, and key offices of the subsidiaries and associate concerns and residences of M/s Ahuja Group in Mumbai, During the search action the unaccounted parallel books of the Ahuja Group reveals cash transactions of unaccounted money in respect of purchases, sales, loan transactions, accommodation entries, expenses inflation etc wherein the key persons of the group and large numbers of other parties admitted into entering such transactions by the Ahuja Group, Accordingly, the transactions in respect of Shri Arun Keswani maintained in the unaccounted parallel hooks in tally accounti....
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...., the modus operandi of Ahuja Group conforms to a standard nature of hawala dealings. 7.4 From the above, it is evident and can be emphatically concluded that the assessee had earlier taken accommodation entry in the form of loan and in turn paid cash. During the year, the assessee had returned back the loan o Rs.8,00,000/- by issuing cheques and received back equal amount of cash which was paid to Ahuja Group while taking loan. Thus, the assessee has entered into a bogus transaction with M/s Ahuja Group with his unaccounted money, an is the beneficiary of the above shady transaction to the tune of Rs.8,00,000/- from Ahuja Group as has been explained by Mr. Jagdish Ahuja in his statement. Therefore, an amount of rs.8,00,000/- is ad....
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....dated 28/10/2019, where for the same assessment year in connection with the alleged loan transaction with the same party, i.e. Ahuja group, the Tribunal has held the issue in favour of the assessee by holding that - "In the instant case, the AO has not done even preliminary inquiry to disprove the contentions of the assessee. The AO has failed to disprove the contention of the assessee that (i) the loan taken from Ahuja Group and repaid are genuine and reflected in its books of accounts and there is no cash receipt or cash withdrawal, (ii) Shri Ahuja had nowhere in the statement admitted to having given any accommodation entry to the assessee, (Hi) even if Shri Ahuja maintained parallel books, it is of no concern to the as....
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....consideration, the assessee has received the loan. Therefore, the Ld.DR prayed that the matter can remanded to the Assessing Officer for a fresh verification. 8. We heard the parties and perused the materials on record. The reason for reopening as has been extracted in the earlier part of this order is that during the search conducted in Ahuja group, there were unaccounted cash transactions and accommodation entries and the loan transaction of the assessee is one such accommodation entry. We notice that the Assessing Officer, in the order of assessment had extracted certain portions of the statement recorded from Shri Jagdish B Ahuja, where he had confirmed maintenance of parallel books of account and giving the accommodation entries. Ho....
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....similar issue of loan taken from Ahuja group and has given a finding that the Assessing Officer failed to disprove the contentions of the assessee and accordingly, held the appeal in favour of the assessee. In assessee's case here, the documents evidencing the impugned transactions have been submitted before the lower authorities, which fact has not been analysed by the lower authorities and that nothing has been brought on record by the Revenue to controvert the contentions of the assessee. Further, the addition in this case has been made under section 69A, which reads as under:- "69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bu....