TaxTMI 
TaxTMI 
2026 (6) TMI 133
X X X X Extracts X X X X
X X X X Extracts X X X X
....3.2015 at an income of Rs. 26,07,13,910/- however, in first appeal, the additions made were deleted. Thereafter, based on the information supplied by the Investigation Wing, Faridabad, AO observed that assessee has received accommodation entry of Rs. 8,00,00,000/- from M/s PHV Securities Pvt. Ltd. found to be the bogus concern. Accordingly, notice u/s 148 was issued on 31.03.2019 after recording the reasons for initiating the reassessment proceedings u/s 147 of the Act. In response, the assessee filed the return of income on 18.04.2019 declaring same income of Rs. 5,57,52,230/- which was declared in the return field u/s 139(1) of the Act. Thereafter, the AO completed the reassessment proceedings and after considering the submissions made by assessee, passed the reassessment order on 24.12.2019 u/s 143 r.w.s. 147 of the Act wherein addition of Rs. 2,00,00,000/- was made u/s 68 of the Act of the funds received from M/s PHV Securities Pvt. Ltd.. The AO observed that the said company was managed and operated by one Shri Himanshu Verma who admitted this fact in his statements recorded during the course of search u/s 132(4) of the Act and further in post search proceedings admitted to ha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f appeal of the Revenue are with respect to deletion of addition of Rs. 2,00,00,000/- made u/s 68 of the Act as unexplained credits, thus, they are taken together for consideration. 6. Before us, Ld. Sr. DR for the Revenue submitted that the assessee has received accommodation entry of unsecured loans from the company M/s PHV Securities Pvt. Ltd., managed and operated by Shri Himanshu Verma who admitted this fact in his statements recorded during the course of search. Ld. Sr. DR further submits that the company was not found available at the address given when the enquiry was conducted on physical verification by the Circle Inspector of the office premises of the company M/s PHV Securities Pvt. Ltd. and the photograph of the present whereabout of the address alongwith the report of inspector is reproduced at pages 5 & 6 of the assessment order. The Ld. Sr. DR further submits that claim of the assessee that it had given advance to the company M/s PHV Securities Pvt. Ltd. for purchase of land is not correct and the copy of MOU dated 2.06.2011 executed between assessee and the company and cancellation agreement dated 25.03.2012, which were filed are after thought more particularly ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....and perused the materials available on record. From the perusal of the facts, it is observed that assessee company has given advance of Rs. 2,00,00,000/- to M/s PHV Securities Pvt. Ltd. (Rs. 1.00 cr. on 28.05.2011 and Rs. 1.00 Cr. on 22.11.2011 Rs. 50 lacs each of Two cheques) through banking channel. The assessee has filed copies of the ledger account of M/s PHV Securities Pvt. Ltd. as appearing in its books of accounts placed at page 89 of PB. It is further observed that in the reasons recorded, AO alleged that transaction of receipt of accommodation entry of bogus loan of Rs. 8,00,00,000/- taken by the assessee from the company M/s PHV Securities Pvt. Ltd. managed and controlled by Himanshu Verma wherein transactions carried out by with M/s PHV Securities Pvt. Ltd. were referred twice and further same transactions were again stated in the name of M/s Exprezer Infotech Pvt. Ltd. which actually be the changed name of M/s PHV Securities Pvt. Ltd., therefore, there is only one transactions of Rs. 2,00,00,000/- of advances given by the assessee to M/s PHV Securities Pvt. Ltd. in terms of MOU entered into between parties dated 02.06.2011 for soliciting the deal for purchase of land fo....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to PHV securities Itd and then the same money was received back. The section 68 can be invoked only if the assessee could not explain the transaction or the explanation provided by the assessee is not satisfactory. Here the alleged transaction was clearly explained by the appellant as the money returned back out from the earlier deposits. The above explanation was also provided to the AO who had stated that the earlier payments were not received by the appellant till 25.3.2012. He had stated that the amount of Rs. 2 cr received by the assessee company on 12.3.2012 and 16.3.2012 is not the advance amount returned by PHV securities pvt ltd. However it is not clear why the appellant has to obtain an entry from his own debtor. When there are receivables from a particular person, any subsequent payment would go to reduce the debt of the assessee. The appellant in this regard had also explained that he had issued a legal notice on 20.3.2012 to PHV securities to receive the interest and other damages and the issue was amicably settled vide settlement agreement dtd 25.3.2012. He had also filed the settlement agreement with the PHV securities to supplement his arguments. Another p....
X X X X Extracts X X X X
X X X X Extracts X X X X
....as paid during the previous year relevant to assessment year before us. If the transaction was sham transaction, the advances given should also be doubted but the same was accepted by the AO. 11. In view of above discussion, we find no error in the order of Ld. CIT(A) in deleting the additions made u/s 68 of the Act of such amount which was received back as recovery of advance given earlier to the said party. All the grounds of appeal of the Revenue are thus, dismissed. 12. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open Court on 14.05.2026. ============= Document 1 पà¥à¤°à¤¶à¥à¤¨9 कà¥à¤¯à¤¾ आप M/s. Exprezer Infotech Pvt. Ltd. और PHV Securities Pvt. L . को जानते हो और आपने इनसे कà¤à¥€ कोई transaction की है। उतà¥à¤¤à¤° हमारी वरà¥à¤· 2011-12 में PHV Securities Pvt. Ltd. दे साथ लेन-à....
X X X X Extracts X X X X
X X X X Extracts X X X X
....वाने के कारण ये पैसा march 2012 में वापिस ले लिया था। M/si Exprezer Infotech Pvt. Ltd. ये PHV Securities Pvt. Ltd. का ही नया नाम है और ये दो कंपनिया नहीं बलà¥à¤•à¤¿ à¤à¤• ही company है। कृपया उपरोकà¥à¤¤ का documentary evidence दे! उतà¥à¤¤à¤° इसके बारे में जो à¤à¥€ document होंगे वो आपको पेश कर दिठजाà¤à¤‚गे परंतॠये सारी transactions through proper banking channel tr g& # | पà¥à¤°à¤¶à¥à¤¨ 11 म....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 3000000 Exprezer Ltd. > Infotech Met. Document 212-03-2012 By Henna Industirles Pvt. Ltd. Payment 5000000 Expretes Ltd. Infotech Pvt. 12-03-2012 By Henna Industirles Pvt. Ltd. Payment 5000000 Expretty Ltd. intotoch PVt. 12-03-2012 BY Henna Industries Pvt. Ltd. Payment 2000000 PHV Ltd. Securities Pvt. 15-03-2012 By Henna Industries Pvt. Ltd. Payment 5000000 PHV Ltd. Sedirities Pvt. 30-05-2011 To Henna Industries Pvt. Ltd. Receipt 10000000 PHV Ltd. Securities Pvt. 22-11-2011 To Henna Industiries Pvt. Ltd. Receipt 5000000 PHV Ltd. Secarities Pvt. 22-11-2011 To Henna Industirles Pvt. Ltd. Receipt 5000000 PHV Ltd. Setttitles Pvt. 12-03-2012 By Henna Industries PVt. Ltd. Payment 3000000 PHV Ltd Secarities PVt. 12-03-2012 By Hennaiindust irles Pvt. Ltd. Payment 5000000 PHV Ltd. Securities Pvt. 12-03-2012 By Henna Industries Pvt. Ltd. Payment 5000000 PHV Ltd. Securities Pvt. Infotech Pvt. 12-03-2012 By Henna Industirles Pvt. Ltd. Payment 5000000 Expretty Ltd. intotoch PVt. 12-03-2012 BY Henna Industries Pvt. Ltd. Payment 2000000 PHV Ltd. Securities Pvt. 15-03-2012 By Henna In....