9911796707
TMI Blog2012 (4) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... ated manner by the Ld. Senior DR and the Ld. Counsel. Therefore, the consolidated order is passed. The appeal for asstt. Year 2006-07 was argued in a detailed manner and thereafter both the parties relied on the same submissions in the appeal for asstt. Year 2007-08. In view thereof, the facts and submissions for asstt. Year 2006-07 will form the basis for both the years. 2. The fact for asstt. Year 2006-07 as mentioned in the asstt. order are that the assessee company filed its return on 24.11.2006 declaring total income of ₹ 56,91,902/-. Search and seizure operation was conducted at residential and business premises of one Shri S.K. Gupta on 12.12.2006. In this operation, various other persons and companies connected with him or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e statement and the evidence gathered in searches and survey. They were also informed that in the course of search no evidence was found in respect of consultancy services and retainer-ship services rendered by any of the companies of Shri S.K. Gupta to the assessee company. When confronted with these facts, the assessee offered a sum of 26,67,300/- for taxation in this year and ₹ 26,93,760/- in the immediate succeeding year. The assessee was requested to reconcile the disclosure vis a vis amounts credited to the four companies of Shri S.K. Gupta. It was submitted that even as per the deposition of Shri S.K. Gupta the transactions with M/s. Swen Television Ltd, for advertising in Jhankar TV are genuine. However other bills are merely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion income. It was also found that the assessee has made all the payments by way of an account payee cheques. Out of total payment of ₹ 1,12,40,400/-, ₹ 10,40,400/- represent services tax and ₹ 1,14,440/- represent tax deducted at source. Tax so deducted has been deposited in the credit of Central Govt. On verification of assessment record, Ld. CIT(A) also found that M/s. Swen Television Ltd. while submitting the bill for every month has enclosed the number of release of advertisements on Jhankar TV, twice a day. The assessee had also produced CD containing text of the advertisement on Jhankar TV. Therefore, it was concluded that M/s. Swen Television Ltd. has actually rendered advertising services to the assessee. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is nothing in the statement to suggest that the bills from M/s. Swen Television Ltd. are in the nature of accommodation entries. On these facts and the findings of lower authorities, it is argued that the Ld. CIT(A) ought to have confirmed the disallowance made by the AO. 4.2 In reply, the Ld. Counsel for the assessee relied on the impugned order. 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 27.12.2006 which is more specific in relation to their transaction with the assessee. It ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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