2026 (5) TMI 104

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vt. Ltd., Focus Realcon Pvt. Ltd. and Starlite Builders Pvt. Ltd., have filed their instant twin appeals each, ITA Nos. 1261 & 1262/Del/2025; 1263 & 1264/Del/2025 and 1265 & 1266/Del/2025 for assessment years 2011-12 and 2012-13, against Commissioner of Income Tax (Appeals)-3, Gurgaon's [in short the "CIT(A)"] orders dated 24.01.2025 & 23.01.2025 passed in case nos.10487, 10297, 10488, 10298, 10490 & 10295 CIT(A)-3/GGN/2018-19 & 2019-20, involving proceedings under section 147 r.w.s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), respectively. Heard all three assessee's as well as the department at length. Case files perused. 2. We notice at the outset during the course of hearing that all these three asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at assessee company had been used by M3M group for layering & transferring of funds. In view of the above mentioned evidences and after analysis of bank statements of the assessee company was held to be an accommodation entry provider and Commission income added for the A.Y. 2011-12. Subsequently information was also received from the Joint Director of Income-tax (OSD)(Inv.), Unit-1(I), New Delhi about details of debts and credits in the bank account of assessee for A.Y. 2012-13. The same is being presented below in the tabular manner:- Total Credits in F.Y. 2011-12 Total Debits in F.Y. 2011-12 TOTAL 72,82,00,000/- 72,87,18,110/- 145,69,18,110/- The return of income for the assessee for A.Y. 2012....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....7 of the Act. 5. We have given our thoughtful consideration to the assessee's and Revenue's foregoing respective stands against and in support of the impugned reopening(s). We find no reason to sustain the same. This is for the precise reason that all what the learned Assessing Officer appears to have uniformly recorded against these three assessee's is that their income representing estimated commission @ 1% (supra) on various alleged entries had escaped assessment. We further wish to emphasize here that there is no material at all, be it collected during search or otherwise in post search enquiries, revealing such an actual commission income derived from alleged accommodation entries at all. The Revenue's case that the same is based on....