TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 368
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....on entries for various entities. 2. The Ld. CIT(A) failed to appreciate the fact that: (a) the appellant was made victim in scam carried out by unknown person; (b) the alleged transactions were not carried by the appellant; (c) the bank account in which such transaction are carried out does not belong to the appellant; (d) the fraudster has forged the KYC documents of the appellant and opened the current account in the bank in the name of "M/s. Addi Enterprise"; (e) such fraudulent activity came to the knowledge of the appellant only after receipt of information from CBI Hyderabad, who is investigating the case; (f) the appellant has faced a lot of mental and financial stress due to such fraudulent activity done by unknown person in his name. The appellant prays that the high-pitched addition u/s. 68 of the Act of Rs. 40,61,93,200/- be deleted. 3. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hearing of the appeal." 3. The appeal filed by the assessee is barred by 149 days in terms of provisions of sec....
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....ppellant had taken accommodation entries during the year credit and debit. A search and seizure action was conducted against AMQ group of companies promoted by Mr. Moin Akhtar Qureshi. Shri Sanjay M. Jain was the kingpin of the entire operation through whom accommodation entries were arranged for Mr. Moin Akhtar Qureshi by way of transfer of funds to the bank account of one of the offshore entities in Hong Kong in lieu of cash received in India through angadias. Further, association between Shri Sanjay M. Jain and Shri Rajiv Bharat Jangla was much deeper and extended to arranging accommodation entries in India as well by arranging fund transfer through RTGS operation. Shri Jangla was collecting cash from various Delhi based angadias as per instructions received from Shri Sanjay M. Jain and used to contact different accommodation entry providers in Delhi, who arranged RTGS/bank transfer to the desired bank accounts in lieu of a commission. Further, cash received from various entry operators was eventually transferred as RTGS to bank accounts controlled and managed by Shri Sanjay M. Jain who had maintained bank account with RBL Bank Ltd., Noida and other branches in the name of vario....
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....ently, the AO invoked provisions of section 144 of the Act and after giving assessee opportunity of being heard made the assessment of total income to the best of his judgment. The AO observed that the assessee had taken the credit entries of Rs. 40,61,93,200/- from several parties (details in the table in the preceding para). Since the assessee failed to furnish any details and explanation to establish the identity and creditworthiness of the creditors and the genuineness of the transactions, the impugned amount of Rs. 40,61,93,200/- remained unexplained cash credit and the same was added to the total income u/s. 68 of the Act. 6. Aggrieved by the assessment order, appellant preferred appeal before CIT(A) on 12.12.2022. Though the appeal was filed beyond the prescribed time limit of 30 days, the CIT(A) condoned the delay and admitted the appeal for adjudication. During the appellate proceedings, various notices were issued u/s. 250 of the Act; however, appellant neither responded to such notices nor filed any written submission along with supporting evidences. In absence of any response by the appellant, CIT(A) decided the appeal on the basis of material available on record. Th....
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....7 days. He was released on bail on 20.03.2022. In the subsequent hearing on 26.03.2022 before the CBI court, the appellant was provided with a charge sheet, from which he came to know that his photo and signature were misused and transactions in crores of rupee were done in September and October, 2015 from his account in the name of 'Aadi Enterprises'. 7.3 It is also submitted that the case of the appellant is in trial stage for long and the appellant has suffered a lot due to the above incident. The appellant stated in the affidavit that the said bank account in the name of Aadi Enterprise did not belong to him and all the transactions in the account were not made by him. He is a victim of KYC fraud since his PAN card and his signature were forged by the fraudsters to open the said bank account. In view of the above facts, the appellant requested to allow the appeal. 8. On the other hand, Ld. Sr. DR for revenue supported the order passed by the lower authorities and submitted that despite being provided with reasonable opportunities by both the AO and CIT(A), appellant failed to produce any cogent evidence in support of his claim. He submitted that addition u/s 68 of the Act....
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....made by the Hon'ble CBI Court exonerating the assessee or acknowledging the forgery of KYC. 9.2 It is trite law that bald assertions without evidentiary backing cannot form the basis for discharging the onus u/s 68 of the Act. The appellant has filed a self-serving affidavit and copies of some documents, including letter of Bank of Maharashtra to DIG, CBI, Hyderabad, copy of account opening Form, KYC documents, copy of rent agreement, copy of bank statement, etc. However, copy of the charge sheet, FIR details or specific charges framed against the assessee have not been placed before us. No document has been filed to show that the Hon'ble CBI Court has accepted that the assessee was not involved in the forgery of the impugned bank account or was wrongly implicated. In fact, from the facts narrated by the assessee himself, it is evident that he was arrested twice by the CBI and was in judicial custody for several days. Such custodial detention and continued trial proceedings contradict the claim that he was merely a victim of identity theft. No evidence has been furnished to show that he has been discharged or acquitted by the Hon'ble CBI Court. 9.3 It is further observed that....