2021 (11) TMI 1209

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....n of Rs. 1,80,00,000/- towards the loan received by the appellant and treated as bogus loan and added back to the income of the appellant. 2. The learned Assessing Officer has not followed the due process of law, and merely passed the order in a mechanical manner and the learned Commissioner of Income Tax (Appeals) has erred in passing the ex-Parte Order and upholding the order passed by the Assessing Officer without considering the circumstances and facts of the case. 3. The brief facts are that the return of income for A.Y 2013-14 was filed on 31/03/2015 declaring total income at Rs. NIL. The appellant is a Real Estate Developer. Subsequently, the case was reopened by serving notice u/s.148 on 07.06.2016 after recording the reasons f....

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.... Parmar who is accountant for 30 companies of Praveen jain is made part of the order as annexure 1. He clearly mentions that Praveen Jain is providing accommodation entries to various assessees. The statement includes names of all 5 entities from whom accommodation entries are taken by assessee in AY 2013-14. iv) Statement recorded of Mr. Uttam Hinger is made part of assessment order as annexure B. He is brother in law of Praveen Jain and works with Praveen Jain. He has given statement of oath telling that none of the entities run by Mr. Praveen Jain are genuine in nature. v) The relevant extracts of the said statement of Rakesh Doshi recorded u/s. 131 of the I.T. Act, 1961 during the course of the survey action in his case on 25/03/2....

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....at ITR of the above entities was not produced by the assessee. Hence, Ld. Counsel submitted that since, assessee has discharged its onus and AO has not done any enquiry, the addition is not sustainable. Per contra Ld. DR relied upon the order of authorities below. 7. Upon careful consideration, we note that the addition loans as bogus cash credit has been done solely on the basis of information received from Investigation wing regarding the search in case of Praveen Jain and bogus companies being operated by him. Assessee has duly submitted the loan confirmation and bank statement. The AO has not even bothered to issued notice to the concerned parties. He has put the onus of providing the ITR of these parties to the assessee. In our consid....