TaxTMI 
TaxTMI 
2025 (3) TMI 38
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....eard together and are being disposed off by this common order. 2. The above captioned appeals of Assessment Years(hereinafter, the 'AY') 2012-13, 2013-14, 2014-15, 2015-16& 2016-17 arise against orders dated 24.11.2021 of the Ld. Commissioner of Income Tax (Appeals)-29, New Delhi [hereinafter, the "CIT(A)"]. The assessee has filed COs against all appeals of the Revenue. 3. Grounds taken by the Revenue in appeal of AY 2012-13 and grounds taken in the CO of AY 2012-13, as lead cases, are extracted here under: ITA No. 221/Del/2022, AY 2012-13: "1. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs. 13,31,58,724/- made on account of undisclosed sources u/s 68 for unexplained ent....
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....irector of the assessee company but no such opportunity was provided to the assessee company. 4. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the explanations and evidences brought on record by the assessee to prove the identity and creditworthiness of the lenders and genuineness of the transactions. (ii) That the abovesaid addition has been confirmed ignoring the fact that the addition has been made by the AO without pointing out any defect in the evidences filed by the assessee. 5. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in holding that the assessee is involved in providing and taking accommodation entries ....
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....original ITRs remained the same in ITRs of the relevant years in compliance to notices under section 153C of the Act. 4.2 Shri Anand Kumar Jain and Shri Naresh Kumar Jain along with their business concerns & associates(Anand Kumar Jain & Naresh Kumar Jain Entry Operator Group) were searched, on 17.08.2018, under section 132 of the Act. The assessee is one of the companies promoted, controlled and managed by Shri Anand Kumar Jain and Shri Naresh Kumar Jain; Entry Operators, for providing accommodation entries in the garb of share capital, share premium, loans, etc. The search operations revealed that this Group was engaged in providing accommodation entries, on commission basis, to various beneficiaries. The above captioned assessee is one ....
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....sessee filed appeals before the Ld. CIT(A), who allowed appeals of the assessee of these years. 5. The Ld. CIT-DR, placing emphasis on the finding of the AO, prayed for upholding of the finding of the AO. 6. On the other hand, the Ld. Authorized Representative (hereinafter, the 'AR') argued that the entire business of providing accommodation entries was controlled and managed by Shri Anand Kumar Jain and Shri Naresh Kumar Jain through their various concerns including the assessee company. It was further submitted that the credits appearing in the bank accounts of the assessee company in these years were nothing but pass through entries for the purpose laundering of black money of real beneficiaries and that was why the AO did not assess t....
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....; ITA Nos 8834 to 8837/Del/2019 for AY 2012-13 to 2015-16 9. Nine Corporate Inception (P) Ltd.; ITA Nos. 189 to 191, 221/Del/2022 for AY 2013-14 to 2016-17 7. We have heard both parties at length and have perused material available on records. We find merit in the submission of the Ld. AR. The Tribunal, in the cases of ZenTradex (P) Ltd. (supra) and Zed Enterprises (P) Ltd. (supra). The coordinate bench of the ITAT, in the case of Zed Enterprises (P) Ltd.: ITA No. 208 to 212/Del/2022 for AY 2012-13 to 2016-17, has held as under: "12. We have examined the ratio of the ld. CIT(A). The ld. CIT(A) held that the AO in the assessment order has claimed to have identified the names of beneficiaries and already disseminated the information to t....
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....seminated as mentioned in the assessment order as well as the remand report. 14. Having observed so, the ld. CIT(A) held that as far as charging of commission is concerned in the case of the assessee, it has been held by the AO in the assessment order that Sh. Anand Jain and Sh. Naresh Jain were entry operators who were managing and controlling various shell concerns including the appellant for providing accommodation entries in lieu of commission and taking that logic there is no question of charging of commission income in the hands of the appellant company arises, since nothing has been earned by the company, being the shell concern. 15. Since, the commission already stands taxed in the hands of the entry operators in their individua....