2023 (7) TMI 994

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....T(A) was correct in deleting the addition of Rs. 11,00,58,100/- made by the Assessing Officer under section 68 of the Income Tax Act, 1961, despite the fact that the assessee could not prove the identity and creditworthiness of creditors as well as the genuineness of transactions in respect of deposits in its various bank accounts ? 2. The appellant craves leave for reserving the right to amend, modify, alter add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 3. None appeared for the assessee, it is found from the record several notices have been sent to the registered address of the Assessee, a direction has also been given to the Department of Revenue to serve the notice to the assess throug....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ectively were found credited in the bank a/c of the assessee through instrument/cheques issued by different parties. After recording the reasons, notice u/s 148 were issued. As no compliance was made to the notices, therefore, the AO had completed the assessment in these cases u/s 144/147 at Rs. 2,07,34,900 (in the case of M/s New General Trading Co.) and at Rs. 2,21,39,000/- (in the case of M/s Nupur Enterprises). 5. An order u/s 263 of the Act was came to be passed on 26/03/2013 by the CIT(A)-IX, New Delhi with following directions: "Pass one consolidated assessment order in the case of Sh. Ashok Kumar Gupta, Proprietor of M/s Nupur Enterprises & M/s New General trading Co., afresh after affording opportunity of being heard to the AR o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ubmitted that the CIT(A) has committed grave error in deleting the addition. 9. We have heard the Ld. Departmental Representative and perused the material available on record. It is found that the bank account of the assessee and his proprietary concern namely M/s New General Trading Company and M/s Nupur Enterprises, found credited by total amount of Rs. 11,00,58,100/- (6,71,84,200 + 2,07,34,900/- + 2,21,39,000/-). The assessee was asked to furnish the complete details i.e. name and address of all the person/firm who had given cheques along with the nature/purpose thereof along with their ID particulars. But the assessee has not provided any such details and no response to the summons issued u/s 131 of the Act was made by the assessee. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dition of Rs. 11,00,58,100/-. However, the appellant submitted that it is an admitted fact that the appellant was engaged in providing accommodation entries to various persons, The total deposits in the three bank accounts was of Rs. 5,28,16,917/- as against Rs. 11,00,58,100/- taken by the AO. After going through the facts and circumstances of the case, submission/rejoinder of the appellant and perusal of the assessment order/remand report of the AO, it is clear that the appellant was engaged in the business of providing accommodation entries to 'the various persons/beneficiaries. This fact was admitted by the appellant during the course of investigation carried out by the DI (Investigation) wing, New Delhi, on perusal of the bank state....