TaxTMI 
TaxTMI 
2025 (1) TMI 1162
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....the case and in law, the learned A.O. erred in passing the order u/s 143(3) r.w.s 147 and therefore rendering the whole reassessment bad in law on the basis of presumption and surmises and that to after a gap of four years. 2. In the facts and the circumstances of the case and in law, the learned A.O. erred in making addition of Rs. 6,23,20,835/- by way of alleged unexplained cash credit u/s 68 deposited in HSBC Bank by disregarding the submissions made by him. 3.In the facts and circumstances of the case and in law, the Assessing Officer erred in levying penalty u/s 271(1)(c) and also charged interest u/s 234B, C and D. 4. In the facts and the circumstances of law, the Ld Commissioner of Income Tax(A) erred in co....
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....unt on 20.03.2009. I have never owned or taken on lease any property on lease in Ahmedabad. I am not aware of any address mentioned in the bank statements. The said Sh. Ashish Agarwal died of Cancer in 2015. His address in Ahmedabad was 412, New Cloth market, Ahmedabad and his phone no. was 09687540000." 4. Ld. AO then summoned the assessee u/s.131 and his statement was recorded wherein he reiterated that he was not aware that the bank account was opened in his name and Mr. Ashish Agarwal from Ahmedabad had fraudulently obtained his signatures through some of his kown friends and lured him for some business proposition and he was unaware that his bank account has been opened and was misused for carrying out such transaction. He further, ....
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....Authorities. Filing a notarized affidavit denying the transactions is, therefore, considered as an afterthought and benefits must have reached the assessee for the transactions made in the bank account. 3.4. As an alternative plea, the assessee claimed that such bank account was used to layer accommodation entries to some unknown beneficiaries and therefore, at the best, he can be assessed with the commission charged for such transaction. 3.5. The assessee's argument is not accepted again, as the assessee could not produce the details of such beneficiaries who received the benefits of such transactions. Facts remains that assessee's account was credited with a sum of Rs. 6,23,20,835/- and it is only he who has to c....
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....he submitted that even if the assessee bank account is treated to be some kind of activity for providing any accommodation entry to other some parties, at the most commission income should be charged in view of the judgment of Hon'ble Bombay High Court in the case of PCIT vs. Alag Securities Pvt. Ltd. 7. On the other hand, ld. DR submitted that it was onus of the assessee to prove that his bank account was misused and some fraud has been committed by some other person because the bank account is in the name of the assessee and therefore, assessee has to explain the nature of credit entries. 8. On perusal of the material placed on record, it is seen that entire basis for addition is the aggregate of all the deposits made during the yea....