TaxTMI 
TaxTMI 
2024 (9) TMI 730
X X X X Extracts X X X X
X X X X Extracts X X X X
....2 and 2012-13. 2. Since, the underline facts in the issues raised in the captioned appeals are identical, all these appeals were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. The common addition in the captioned appeals relates to the unsecured loans taken during the year considered as unexplained u/s 68 of the Act and further addition of interest paid on such unsecured loans. 4. For the sake of conciseness and brevity, in AY 2010-11 unsecured loans have been taken from Ryan International of Rs. 25 lakhs, in AY 2011-12 from Casper Enterprises Pvt. Ltd of Rs. 5 lakhs and in AY 2012-13 Rs. 20 lakhs taken from Duke Business Pvt Ltd. The common cause for treating the unsecured loan ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s after the banking transactions. 5. Sh. Sushil Jain looks after banking transactions. 6. Sh. Rashabh Babel looks after banking transactions. 7. Sh. Uttam Hinger looks after the income tax returns. 8. Sh.Prabhakar is a delivery boy. 9. Sh. Shantaram is a delivery boy 10. Sh. Digambar is a delivery boy 11. Sh. Arjun is a delivery boy I have also appointed some close associates as Directors in my companies. Sh Manish Jain, Sh Abhinandan Jain, Sh Rishabh Babel,Sh Sanath, Sh Nilesh, Sh Sushil Jain, Sh Jitendra Tater, Sh Virendra Abani and Sh Pankaj Jain are directors in some of my companies. Q.114. I am showing you statement of Sh.Pankaj Kumar Jain, Director in Sum....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... any physical movement of stock in any of the concerns mentioned. He has never seen any customer come to the office of Praveen Jain for negotiating the price of goods / material. That there is no employee working in any of the concerns mentioned and that no genuine business activity is carried out in any of the said concerns. Also, the concerns are merely engaged in providing accommodation entries of sale, purchase and bogus loans and advances to various parties. Please comment on the same. Ans Sir, I agree with the statement of Shri Nilesh Parmar. We are just in the business of providing accommodation entries. Hence, there is no need to maintain goods, godown, vault or warehouse. Q.63 Please give the complete lis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nan Diamonds 20. Arihant Corporation 21. Ganesh Trading Co 22. Jasoda Exports 23. Kailash International 24. KLI Diamond 25. Kunal Gems 26. Kush International 27. Mahalxmi Corporation 28. Mahalxmi Trading Co 29. Minal Corporation 30. Mohit International 31. Natasha Enterprises 32. Paras Gems 33. Pratik Impex 34. R S Enterprises 35. Raj Export 36. Ryan International 37. Seven Star Gems 38. Suraj Gems 39. Taj Impex" 6. On perusal of the aforementioned statement showed that in the list of companies given the accommodation entries names of Duke Business Pvt. Ltd, Casper Enterprises Pvt. Ltd and Ryan International are mention....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e, by producing any evidence and by assisting the Bench despite availing numerous opportunities. Consequently, we find no illegality or perversity in the impugned order passed by Ld.CIT(A), hence, aforesaid appeals filed by both the assessees, namely, Shri Pravin Kumar Jain and Shri Pankaj Jain are hereby dismissed. 19. Since addition of Rs. 12,39,00,000/- in hands of Casper Enterprises Pvt Ltd is on protective basis, the substantive addition having already made in the hands of Shri Pravin Kumar Jain, the addition of Rs. 99,56,560/- in case of Casper Enterprises Pvt Ltd is confirmed." 7. Considering the facts of the case in toto and in the light of the decisions of the coordinate bench (supra), we have no hesitation in confirmin....