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TMI Blog2022 (9) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... ed back and the parties whose addresses were not provided by the assessee. This direction by the CIT(A) clearly has not given the picture as to on what basis the assessee is dealing with entry providers or giving accommodation entry. CIT(A) has also not taken cognisance of the evidences provided by the assessee and simplicitor directed the AO to calculate the commission income of the assessee @ 1% on total bank credit. Though the objection that the assessee has not conducted any business and there is hardly any bank balance or cash on hand, the CIT(A) has ignored the main aspect of trade payables which was shown by the assessee in his balance sheet. If the analogy of the CIT(A) is accepted then Balance Sheet determined by the assessee co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Rs.11,72,14,000/- in the assessee s books of accounts could not be proved. 2. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.40,00,849/- made under section 69 of the Act by not appreciating that the assessee has concealed particulars of income in respect of peak credit balance of Rs.40,00,849/- in bank account which was not disclosed in the return of income. 3. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.2,81,409/- made under section 14A of the Act. 4. On the facts and circumstances of the case, the Ld. CITA ought to have upheld the order of the Assessing Officer. 5. It is, therefore, prayed that the order of the Ld. CIT(A) may be set-aside and that o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e not established by the assessee. The CIT(A) should have taken on record that the Director of the assessee company has stated that the said is accommodation entry but the records reveal otherwise. Therefore, order of the CIT(A) be set aside. 6. As regards to ground no.2, the addition under Section 69of the Act, the Ld. DR submitted that bank account did not disclose credit entries and the assessee has not established the nexus between the same. 7. As regards to ground no.3, the Ld. DR relied upon the Assessment Order. 8. The Ld. AR submitted that the assessee is a closely held company having Shri Hitesh Parikh as aits Director. The assessee furnished evidence by way of confirmation in respect of trade payable as well as copy of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the account with DCB bank shows such entries. There was hardly any balance in bank or cash on hand inspite of such huge transactions. The company had confirmed that no business was carried on by it i.e. in the sense of manufacturing or trading or otherwise. The Ld. AR further submitted that when the Director of the respondent company had confirmed on his cross-examination on oath by the Assessing Officer in this regard, such statement is the conclusive evidence and the Assessing Officer has not brought on record any contrary material to prove that such statement was invalid. The Assessing Officer could not reject the contents of the said statement and the onus to disprove it lies upon the Assessing Officer and not upon the assessee. The Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,14,000/- in respect of letters issued under Section 133(6), letters which were returned back and the parties whose addresses were not provided by the assessee. This direction by the CIT(A) clearly has not given the picture as to on what basis the assessee is dealing with entry providers or giving accommodation entry. The CIT(A) has also not taken cognisance of the evidences provided by the assessee and simplicitor directed the Assessing Officer to calculate the commission income of the assessee @ 1% on total bank credit. Though the objection that the assessee has not conducted any business and there is hardly any bank balance or cash on hand, the CIT(A) has ignored the main aspect of trade payables which was shown by the assessee in his ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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