TaxTMI 
TaxTMI 
2023 (5) TMI 1431
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....gainst the assessment order dated 28.12.2021 passed u/s 153(C) r.w.s 143(3) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the DCIT, Central Circle--07, New Delhi (hereinafter referred as the Ld. AO). The appeal ITA no 1954/Del/2022 is against order dated 29.07.2022 in appeal no 24/ 10769/ 2015-16 against the Penalty order dated 10/3/2022 u/s 271(1)(c) of the Act 2. The facts in brief are that the search and seizure operation was conducted in the Jindal Bullion Ltd. (JBL) Group on 05.01.2017 and from the incriminating material recovered in the form of data it was allegedly found that it is systematically engaged in cash transactions with a number of entities. The transactions through banking channels are reflected in th....
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....with JBL which is-exactly reflecting in seized ledger. This alone is sufficient evidence which establishes that the account maintained under the names 'SaurabhJi CA' pertain to the assessee. Further, the assessee also accepted that as sold to JBL and cheque was received from JBL in lieu of that jewellery. Hence, it is a clear case of accommodation entry taken by the assessee. It has also been held in the assessment order in the case of M/s Jindal Bullion Limited was involved in the business of providing accommodation entries and used to book bogus purchases in its books. Or. account of this it is been the money paid by the assessee to JBL is her unaccounted income against which she has received credits in her bank account on dated 05.12.....
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.... well-settled law that no concealment penalty can be imposed where the nature of the transaction is a debatable issue. 5. The appellant craves leave to add or amend any ground of appeal." ITA No. 1955/Del/2022, A.Y. 2016-17 "1. That Learned Commissioner of Income Tax (Appeal)-24 erred in dismissing appeal of appellant in the order passed by Ld. Deputy Commissioner of Income Tax Central Circle 7 Delhi u/s 153C r.w.s 143(3) of the I.T Act, 1961. 2. That Ld. CIT (Appeal) grossly erred in law and facts while ignoring that the Ld. AO grossly erred in initiating the proceedings under section 153C r.w.s 143(3) of the Act with regards to the assessment year 2016-17. 3. That Ld. CIT (Appeal) grossly erred both in law and on facts....
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.... It was submitted that the revenue has failed to appreciate that assessee is a old lady of 84 years who has sold her ancestral jewellery and other jewellery, she accumulated in a life time. It was also submitted that in the return of income the sale of jewellery has been reported as a long term capital gain so there is double taxation. 4.1 On the other hand, Ld. DR defended the orders of Ld. Tax Authorities below and submitted that the tax authorities below have successfully detailed the trail of transactions as appearing in the seized material. Ld. DR has relied judgments in Jatinder Pal Singh vs. Deputy Commissioner of Income-tax, Central Circle-9- [2021] 123 taxmann.com 414 (Delhi), Heval Navinbhai Patel vs. Income Tax Officer, Ward 3(2....
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....d that she must have been holding some jewelry. The ld. AO without trying to make any further inquiries from the assessee to ascertain the truthfulness of her holding of the jewellery proceeded to out rightly discard the explanation. Admittedly in the alleged incriminatory material the name of assessee is not reflected and based upon some dummy name she has been connected to the transactions. In the statement of Mr. Parul Ahluwalia or any other witness also there is no specific mention of the transaction with assessee, which has been made foundation for holding she was real beneficiary. The assessee was required to give explanation of the reasons for receiving the credit entry in her bank which she has given on the basis of the invoice issu....