2019 (12) TMI 577

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... gain as accommodation entry based on the statement of Mukesh M Chokshi. Grievance of assessee is common in all the years under consideration. Therefore, I have heard all the appeals together and am now deciding the same by this consolidated order. 3. Facts in brief are that assessment for all the years under consideration was reopened on the basis of information from Director of Income Tax, to the effect that assessee had obtained accommodation entries and had shown long term capital gains from sale of shares of Talent Infosys Ltd made through Alliance Intermediaries & Network Pvt. Ltd. 3.1. In this regard I observed that a search and seizure action u/s. 132 of the Income-tax Act, 1961 was conducted by the Investigation Wing of the Incom .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... made and has escaped assessment. 3.2. After making detailed inquiries the AO made addition with respect to the alleged accommodation entries so received by the assessee. 4. By the impugned order, CIT(A) confirmed the action of the AO after having following observation:- From perusal of the various judgments of Hon'ble ITAT, Mumbai in case of Mr. Mukesh Choksi and various business concerns run by Shri Mukesh Choksi, it is evident that Hon'ble Tribunal has held that the various companies and business entities run by Shri Mukesh Choksi were indulged in the business of providing accommodation entries on which he was just charging a commission @ 0.15%. From the findings of Hon'ble ITAT it is also evident that the only business of Mr. M .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... action of the AO and the addition made by the AO is sustained. Accordingly, the grounds of appeal is treated as disposed off and dismissed. 7. In the result, the appeal is Dismissed. 5. I had carefully gone through the orders of the authorities below and found that on the basis of detailed inquiries and the material available on record, the AO has made addition and CIT(A) has considered the issue threadbare and after applying various judicial pronouncements reached to the conclusion that assessee has taken accommodation bill which was in the form of credit entry of the books of accounts and credit worthiness of the creditors was not proved. The detailed finding so recorded by the lower authorities are as per material on record. However, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X