2024 (9) TMI 730

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....d 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 as unexplained and added u/s 68 of the Act is the information received from DGIT (Invest....

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....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 Sumukh Commercials Pvt Ltd, recorded on oath u/s 132(4) of the Income Tax Act, 1961during search proceedings u/s 132 at C/512, Ostwal Onyx, Jwal pek, Bhayander, Thane on 03.10.2013. Please go throug....

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....entioned 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 list of all the companies in which either you or your close associates/family members are directors along with the complete list of companies under your control Sir, I am a Director in the following companies: 1. Anchal Properties Pvt Ltd 2. Easy Mercanti....

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.... 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 mentioned which means that as per the order of the coordinate bench it has been established that these companies were providing accommodation entries through unsecured loans claimed to have been borrowed from these companies by the assessee during the year under consideration as unexplained and rightly added u/s 68 of the Act. The relevant findings of the coordinate bench reads as under:- "17. It is also brought to the notice of the Bench by the Ld.DR for the Revenue that in hundreds o....