9911796707
TMI Blog2022 (7) TMI 795X X X X Extracts X X X X X X X X Extracts X X X X ..... clear cut case of circuitatious rotation of unaccounted money and being such rotation of unaccounted money is absolutely not a genuine loan transaction. The authorities have duly dealt with the issues. In this view of the matter, we do not find any infirmity in the orders of the Revenue authorities below - Decided against assessee. - ITA No. 5133/DEL/2018 - - - Dated:- 15-7-2022 - SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI CHANDRA MOHAN GARG , JUDICIAL MEMBER Assessee by : None Revenue by : Sh. Abhishek Kumar, Sr.DR ORDER PER SHAMIM YAHYA, AM, This appeal by the assessee is directed against the order of the Ld. CIT(A)-30, New Delhi, dated 18.05.2018 pertaining to Assessment Year 2014-15. 2. Grounds of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 were issued against Principal Officer of the company. ..Neither the principal officer nor the Authorised Representative of the companies appeared at the office of the undersigned in compliance to the summons notice in case of Satya Lakshmi Trade Link Pvt. Ltd.... An inspector from the office of DDIT(Inv.), Kolkata was also deputed to enquire about the company. Relevant extract of the inspector's report is reproduced below : S. No. Name Address Date of visit Remarks 1. M/s Satya Laxmi Trade Link Pvt. Ltd., 2B, 2nd Floor, Room No. 74, Grant Lane, Kolkata - 700012. 15.11.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income tax Department or avoiding appearance before any Income-tax Authority because they do not have any real identity, creditworthiness and business. 4.9. Therefore, in view of the above discussion, the amount of Rs.45,00,000/- is hereby added in its capital account as its income being unexplained cash credit u/s 68 of the Income Tax Act. Since, the assessee has furnished inaccurate particulars of its income, penalty proceedings under section 271(1)(c) is being initiated separately. 5. Against the above order, the assessee appealed before the Ld. CIT(A). The Ld. CIT(A) after due elaboration found that the transaction was bogus and accommodation entry in nature. He observed that the finding, that the lending company was no ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
