2026 (2) TMI 493

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....t, 1961 (hereinafter referred to as the "Act"), dated 30.12.2019 for AY 2012-13. 2. Grounds taken by the assessee are reproduced as under: "a) On the facts and circumstances of the case, and in Law, The CIT(A) erred in confirming the addition made by the AO of the alleged unaccounted money in the form of accommodation entry from shell company M/s Anubhav Commosale Pvt Ltd to the extent of Rs 20,00,055/- treating it as unexplained income u/s 68 of IT Act. b) On the facts and circumstances of the case and in law the CITA and AO failed to appreciate that: i. The appellant being a company, its books of account were subjected to audit and the alleged unexplained income of Rs 20,00,055/ did not appear in the bank acc....

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.... of income on 03.07.2019, reporting total income at Rs. 31,68,797/-. 3.1. During the assessment proceedings, information was received from DDIT(Inv.) Unit-4(2), Kolkata that assessee has taken bogus entries from one company Anubhav Commosale Private Limited. Assessee had received Rs. 65,00,000/- from this stated company from its bank account with Central Bank of India a/c no. 3078857930. i.e. Rs. 25,00,000/- on 24.08.2011 Rs. 20,00,056/- on 15.12.2011 and Rs. 20,00,055/- on 02.03.2012. Thus, totaling to Rs. 65,00,000/-. The fact that Anubhav Commosale Private Limited is a shell company operated by accommodation entry providers of Kolkata i.e. Sri Jivendra Mishra, Sri Mithilesh Kumar Mishra and Sri Devesh Upadhyaya has been admitted by th....

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....11825. According to the assessee, ld. AO had acted on confirmation furnish by Anubhav Commosale Private Limited on a mistaken identity. According to the assessee, actual transaction was conducted with a company similarly named as Blue Chip Financial Consultants Private Limited instead of with the assessee. The resemblance in name is evident since assessee carries its name as Blue Chip Financial Services Private Limited. 4.1. In the course of reassessment proceedings, ld. AO had called for information from Central Bank of India, Kolkata branch seeking details in respect of the transactions alleged to be undertaken with the assessee, reply for which was received after the passing of the assessment order. Copies of these correspondence are ....

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....annot be applied, since ld. AO was in possession of bank statement of Anubhav Commosale Private Limited with account in Central Bank of India and it shows payment to "M/s. Blue Chip Private Limited". 5.1. According to him, since assessee could not file any contrary evidence from Central Bank of India authorities to demonstrate that this remaining amount of Rs. 20,00,055/- paid on 02.03.2012 was not paid to it but, to Blue Chip Financial Consultants Private Limited, as in the case of the other two payments, he held that assessee had received this amount as unaccounted money in the form of accommodation entry from Anubhav Commosale Private Limited. In this context, we note that ld. CIT(A) has referred to the information which was available....