2025 (7) TMI 1238

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....ear [AY] 2012-13. The Assessee had preferred the aforesaid appeal [ITA No. 4710/Del/2024] against an order dated 09.02.2024 passed by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [CIT(A)]. The Assessee had preferred the said appeal impugning an assessment order dated 23.12.2019 passed under Section 143(3) read with Section 147 of the Act. The assessment for the AY 2012-13 had been reopened by the Assessing Officer [AO] by issuing a notice under Section 148 of the Act on 30.03.2019. The said notice was premised on information received from Investigation Wing, which had reported that the Assessee was a beneficiary of receipt of an amount of Rs. 25 lakhs from an account of one M/s Oxygen Projects Pvt. Ltd. Enquiries....

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....es to which amount of more than Rs. 5 lakh has been debited. 5.1 The details of beneficiaries as provided by the bank authorities for F.Y. 2011-12 are tabulated as under: S.No. Name PAN Total Amount Received by the beneficiary 1 Dev Raha Projects Pvt Ltd. AADCD4767H 20,00,000/- 2 Raj Mentha Chem Pvt Ltd. AACCR0099M 10,00,000/- 3 D Pal Leasing and Finance Co. Ltd. AAACD3222C 20,00,000/- 4 D Pal Buildcon Pvt. Ltd. AACCD7909A 10,00,000/- 5 V.B. Polymers Pvt. Ltd. AACCV1692G 25,00,000/- 6 SDAG Infotech Pvt. Ltd. AAQCS4695E 25,00,000/- 7 AVK Marketing Pvt. Ltd. (formerly known as AVK Infotech Pvt. Ltd.) AAPCA5262J 15,00,000/- 8 Konark Farms Pvt. Ltd. AAACK2332A 10,00,000/- 9 SKD Metals Pvt. Ltd. A....

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....,000/- respectively through RTGS. A copy of confirmation from M/s Oxygen Projects Pvt. Ltd. has been submitted in support of its claim which is undated. In view of the fact that the genuineness and credit worthiness of M/s Oxygen Projects Pvt. Ltd. cannot be established, the unsecured loan of Rs. 25,00,000/- is liable to be added to the income of Ms. Meenakshi Gupta for F.Y. 2011-12 relevant to A.Y.2012-13. Accordingly, the AO may be advised to take appropriate remedial action in the case of Ms. Meenakshi Gupta for F.Y. 2011-12 relevant to A.Y. 2012-13." 3. The AO issued notices under Section 133(6) of the Act to M/s Oxygen Projects Pvt. Ltd. but the same were returned unserved. The appellant was also granted an opportunity to produce the ....

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....tment's search action and the statement of its authorized person. Paragraph 5 of the impugned order is set out below: "5. The Revenue has invited the tribunal's attention to the case records which sufficiently prove that the assessee had got an amount of Rs. 25 lakhs transferred in her bank account from one entity M/s. Oxygen Projects Ltd. which was found to be an accommodation entry provider as per the department's search action as well as the statement of it's authorized person which has been discussed in the reopening reasons." 9. There is merit in the contention that the record does not indicate that there was any search or any finding returned pursuant thereto that M/s Oxygen Projects Pvt. Ltd. was an accommodation entry provider. T....