TaxTMI 
TaxTMI 
2025 (12) TMI 1576
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..... Filing of such documents does not mitigate lack of genuineness in its actual operations. 3. The ld. CIT(A) has failed to appreciate that accommodation entry operators have sufficient funds only in form of investments in other non-genuine companies. There is hardly substantial balance in the bank account or genuine investment. 4. Ld. CIT(A) has deleted the addition of Rs. 1,00,00,000/- without considering the fact that Ld. CIT(A)-27 in appeal order dated 26-12-2014 stated that Sh. HimanshuVerma is an entry operator and the same has been upheld by Hon'ble ITAT, Delhi. 5. The Ld. CIT(A) erred in deleting the addition of Rs. 3,00,000/- without appreciating the fact that the accommodation entries to the tune of Rs. 1,00,00,000/- were taken during the year under consideration and commission must have paid to accommodate such entries. 6. The appellant craves leave to add or amend any/all the grounds of appeal before or during the hearing of the appeal. 3. The brief facts of the case are that the assessee filed his return of income u/s 139(1) of the Act for A.Y. 2019-20 on 19-08-2019, declaring total income of Rs. 40,22,970/-.The case of the assesse....
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....-2(1) (4)Ahmedabad -2022(8) TMI 1074 -ITAT Ahmedabad (iii) Commissioner of Income Tax Surat-1 v. Shri Mahavir Crimpers-2018 (6) TMI 1058 Gujarat High Court (iv) The Principal Commissioner of Income Tax-1 Vadodara v. M/s OjasTarmake. Pvt. Ltd. 2023(9) TMI 845 Gujarat High Court (v) Commissioner of Income Tax v. AyachiChandrashekharNarsangji - 2013 (12) TMI 372 Gujarat High Court (vi) ACIT Circle -8(2) New Delhi v. Evermore Stock Brokers Private Ltd. [2023] 108 ITR (Trib)13 (ITAT{Del}) (vii) RR Carwell Pvt. Ltd. V. The DCIT Central Circle -4 New Delhi - 2022(3) TMI 67 ITAT Delhi (viii) TirupatiBalaji Fiber Ltd. v. ACIT, Central Circle -28, New delhi 2023-(7) TMI -ITAT New Delhi (ix) ITO, ward 1(1) New Delhi v. AMB Homes Pvt. Ltd. & (vice versa) - 2024 (12) TMI 503 -ITAT Delhi (x) DCIT, Central Circle-28, New Delhi v. Uppal Housing Pvt. Ltd. 2024 (12) TMI 1326 ITAT Delhi (xi) M/s Jet Speed Realtors v. ACIT Circle -32(1), Mumbai -2024 (5) TMI 1069 ITAT Mumbai (xii) DCIT, Central Circle -5(4), Mumbai v. RajendraGulabchand Shah- 2024 (11) TMI 430 ITAT Mumbai (xiii) RajuramSavajiPurohit v. I....
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....annual income of the lender. The appellant has furnished copies balance sheets of the lender company to establish the creditworthiness of the lender company which highlights their net worth to advance loans to the appellant. From the perusal of the respective balance sheets of the lender company, it is clear that such company has substantial finances at their command and as such these company have entities of means also in the present case lender has profit before tax for the year under consideration amounting to Rs. 82,22,712/- and only lent Rs. 1,00,00,000/- against the net worth of Rs. 49.62 Crores. Reliance may be placed on Judgement of Hon'ble ITAT Delhi in the matter of Assistant Commissioner of Income-tax, Central Circle-25, New Delhi vs. Goodview Trading (P.) Ltd 2017] 82 taxmann.com 55 (Delhi Trib.) in which it was held that the assessee during the course of proceedings has discharged its liability by submitting necessary evidence available to establish the bona fide of the transactions. Thereafter, the onus shifted on to the revenue to prove that the claim of the assessee was factually incorrect. Simply by pointing out that the applicant companies did not have suffici....
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.... the assessee has been proved to be false or untrue by the lower authorities. Under these circumstances and in view of the overwhelming evidences filed by the assessee during the course of assessment proceedings, which are not found to be false or untrue, we hold that the Ld. CIT(A) is not justified in sustaining the addition shown by the assessee as loan which has been repaid in the subsequent year and much before the date of search. Accordingly, the order of the Ld. CIT(A) is set-aside and ground of appeal 4, 5 and 6 are allowed." 16. Reliance is also placed on the judicial pronouncement in case of ACIT Circle-8 (2) New Delhi Vs Evermore Stock Brokers Private Ltd. [2023] 108 ITR (Trib) 13 (ITAT Del) 17. The intention of law is that unaccounted money should be brought to tax. As per provisions of section 69A of the Act onus is on the person in whose books of account such money has surfaced. If an amount has surfaced in the books of an assessee either in the shape of share application money or a deposit/loan; it is presumed that such money belongs to the person in whose name it has been shown. However, as per provisions of section 69A of the Act, deeming provision....