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TMI Blog2019 (2) TMI 1998X X X X Extracts X X X X X X X X Extracts X X X X ..... commodation entries of which the assessee was one of the beneficiaries without having brought anything to disbelieve and disprove various documents filed by the assessee. The assessee has filed necessary proofs and documents supporting the borrowings of money and repayment thereof. Under these circumstance, we are not in agreement with the conclusion given by learned CIT(A). Accordingly, by respectfully following the decision of Shreedham Builders [ 2018 (6) TMI 1282 - ITAT MUMBAI ] we allow the appeal of the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... ary evidences, which the assessee could not do and finally loans were taken and treated as accommodation entries and addition was made of ₹ 70 lakhs u/s. 68 of the Act as unexplained cash credit while framing the assessment. 4. In the appellate proceedings, learned CIT(A) upheld the order of the Assessing Officer by observing and holding as under :- 5. I have considered the submissions of the appellant. I have also perused the findings of the A.O. in the assessment order and the remand report. The three lender companies are found to be group concerns of Shri Pravin Kumar Jain. Copy of statement of Shri Jain wherein he has admitted to have provided accommodation entrie was handed over to the appellant. The appellant was also asked t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts, confirmations from the parties, their PANs etc. Learned AR submitted that vide letter dated 8.2.2017, the assessee informed the Assessing Officer on the date of hearing i.e. 9.2.2017 that the assessee is not in a position to attend hearing as the assessee is preoccupied in High Court on 9.2.2017, which was proved by learned AR by placing before the bench a copy of the order from High Court filed at page No. 34 of the paper book. Learned AR submitted that even notices were issued u/s. 133(6) by the Assessing Officer to these parties were duly responded by the said parties by drawing our attention to page No.38 to 40 of the paper book wherein all details as required by the Assessing Officer were duly filed. Thus, learned AR submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed during the course of search unequivocally proved that the assessee was beneficiary of hawala racket which was being operated by Shri Pravin Kumar Jain and Associate concerns and he even admitted during the course of statement recorded u/s. 132(4) of the Act that business was not being done but only accommodation entries were provided on commission basis. Under these circumstances, learned DR prayed that the order of learned CIT(A) may be affirmed. 7. We have heard the rival submissions and perused the materials on record. The undisputed facts are that the assessee filed copies of confirmations, ledger accounts, bank statements, ITRs, PANs and audited balance sheets and profit and loss accounts in respect of these three parties who lent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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