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TMI Blog2019 (2) TMI 2046X X X X Extracts X X X X X X X X Extracts X X X X ..... e the addition and allow the appeal of the assessee. - ITA No. 3488/Mum/2018 - - - Dated:- 6-2-2019 - SRI MAHAVIR SINGH, JUDICIAL MEMBER Appellant by : Shri Haridas Bhatt, AR Respondent by : Shri Satischandra Rajore, DR O R D E R PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-39, Mumbai [in short CIT(A)], in appeal No. CIT(A)-39/IT-10040/IT-10040/ITO-31(2)(1)/17-18 vide dated 22.03.2018. The Assessment was framed by the Income Tax Officer, Ward-31(2)(1) Mumbai (in short ITO/ AO ) for the A.Y. 2007-08 vide dated nil under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter the Act ). 2. The only issue in this app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33(6) notice. 3. Briefly stated facts are that the AO received information from DGIT(Investigation) Wing, Mumbai that during the search and seizure action in the case of Shri Pravin Kumar Jain Group of cases on 01.10.2013, that the assessee is one of the beneficiaries who have taken entries in the nature of the bogus unsecured loan from Shri Pravin Kumar Jain. The AO noted that as per the list provided by the investigation wing that the assessee M/s Jaykala Exports has taken accommodation entries to the tune of ₹ 10 lac during the FY 2006-07 relevant to this AY 2007-08 from Hema Trading Company Pvt. Ltd.(now known as Nakshtra Business Pvt. Ltd). The AO noted that the assessee has taken a loan of ₹ 10 lacs from Hema Trading C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s: - Sl. No . Particulars 1. Ledger confirmation of M/s Hema Trading Co. Pvt. Ltd 2. Bank Statement of Hema Trading highlighting the loan given transaction. 3. Bank statement of Jaykala Exports Highlighting the loan taken transaction. 4. Income tax Return acknowledgement of M/s Hema Trading. 5. Supporting towards change of name and ledger confirmation towards the change of name from Hema Trading Pvt. Ltd to Nakshatra Businss Pvt. Ltd 6. Ledger Confirmation of M/s Nakshtra Busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pravin Kumar Jain retracted this statement during the course of search by filing affidavit dated 15.05.2014. Even the alleged broker who is arranged this loan namely Shri Dilip Soneta could not be produced because he expired before the proceedings. The assessee has filed complete confirmation, bank statement of Hema Trading Company and moreover, one crucial fact that at the time of giving of loan Shri Pravin Kumar Jain was in no way associated with the loan creditor namely Hema Trading Company Pvt. Ltd. This loan relates to FY 2006-07 relevant to AY 2007-08 but as per the form No. 32 filed with ROC relating to appointment of Shri Pravin Kumar Jain as director only on 19.02.2010. The assessee also submitted the form No. 20B which is annual r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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