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TMI Blog2015 (10) TMI 1059X X X X Extracts X X X X X X X X Extracts X X X X ..... pta it cannot be concluded that the bills debited in the name of Swen Television Ltd. by the appellant company are not genuine. Rather his statement affirms that the bills from Swen Television Ltd. are genuine. Just because major concerns controlled by Sh. S.K. Gupta are admittedly issuing non genuine accommodation bills, it cannot be automatically presumed that all the bills issued by all the concerns of Sh. S.K. Gupta are non genuine. This is more so when he had admitted that he is doing some genuine business also in the names of some of the companies. Thus, in the case of appellant, no adverse view from the statement of Sh. S.K. Gupta can be taken to come to the conclusion that the bills from Swen Television Ltd. are non-genuine and acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a company duly incorporated under the provisions of Companies Act, 1956. It is engaged in the business of merchant banking and investment of funds among other businesses like distribution of primary products for example bonds, government bonds, mutual funds IPO etc. It has filed the return of income for the assessment year 2007-08 on 30.10.2007, disclosing total income of ₹ 9,02,44,880/-. Against the said return of income, the assessment was completed vide order dated 24.12.2009 by disallowing the advertisement expenses of ₹ 80,13,936/- as under (para 4, page 3): 4. As no new plea nor any fresh evidence was submitted during the course of the proceedings for the year under assessment, the transactions of following the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esumed that all the bills issued by all the concerns of Sh. S.K. Gupta are non genuine. This is more so when he had admitted that he is doing some genuine business also in the names of some of the companies. Thus, in the case of appellant, no adverse view from the statement of Sh. S.K. Gupta can be taken to come to the conclusion that the bills from Swen Television Ltd. are non-genuine and accommodation bills. 4. During the course of hearing, it was submitted by learned counsel that the issue in appeal is covered by the following decisions of the coordinate Bench of ITAT, Delhi: 1. JCIT vs M/s Ajay Home Products Pvt. Ltd. (ITA No. 2249/Del/2011, dated 12-04-2013) wherein it was held as under; 9. We have carefully considered th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ERA Advertising and Marketing Co. Pvt. Ltd. and M/s Hamara Samay T. V. News Network Pvt. Ltd. was towards actual advertisement expenses and not accommodation entries. In view of the totality of the above facts, we do not find any infirmity in the order of learned CIT(A). The same is sustained and the Revenue's appeal is dismissed. 2. DCIT Vs M/s ASL Insurance Brokers Pvt. Ltd (ITA No. 2713 3579/Del/10, dated. 09-04-2012) 5. We have considered the facts of the case and submissions made before us. It is seen that the revenue collected information in the course of search of Shri S.K. Gupta and his Companies that they were carrying on the business of providing accommodation entries. Thereafter his statement was recorded on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. Thereafter his statement was recorded on 27.12.2006 which is more specific in relation to their transaction with the assessee. It has been deposed that the bills issued by M/s. Era Advertisement and Marketing Pvt. Ltd. are in the nature of accommodation entries but M/s. Swen Television Ltd. has provided advertising services to the assessee company for which agency commission @ 15% has been charged. The payments made by the assessee and received by M/s. Swen Television Ltd. have been verified from both the ends. There is no discrepancy found in this matter. The verification has also led to the fact that the payments include service tax and tax deduction at source. M/s. Swen Television Ltd. has offered the receipt for taxation in its retu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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