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TMI Blog2023 (3) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... ep Kumar Jindal in his statement recorded u/s. 132(4) of the Act. It is also pertinent to mention here that the Assessee company is controlled, managed and run by Shri Pradeep Kumar Jindal. In view of this, it is established that these are accommodation entries and have been routed through the front company, i.e., the Assessee company. It is pertinent to mention that this share capital investment has been made in the hands of the Assessee company which is a front company as explained above, therefore, the entire amount in the form of share premium and share capital is added in the hands of the Assessee company. Entries on the basis of which addition have been made, already subjected to tax in the case of Shri Pradeep Kumar Jindal, who ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uently, a search and seizure operation u/s. 132 of the Act was carried out in the group cases of Shri Sajan Kumar Jain, Shri Pradeep Kumar Jindal on 18.11.2015. While examining the seized documents of the searched person, the Assessing Officer came across with certain documents belonging to the Assessee, the person other than the searched person. The AO, therefore, after recording satisfaction to this effect that the action u/s. 153C of the act is attracted, handed over the said seized documents to the Assessing Officer of the instant Assessee. Subsequently the Assessing Officer of the instant case also recorded his satisfaction and by issuing notice u/s. 153A r.w.s. 153C of the Act on 20.06.2017, asked the Assessee to file its return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In view of this, it is established that these are accommodation entries and have been routed through the front company, i.e., the Assessee company. It is pertinent to mention that this share capital investment has been made in the hands of the Assessee company which is a front company as explained above, therefore, the entire amount of Rs.8,25,00,000/- in the form of share premium and share capital is added in the hands of the Assessee company. 4. In ITA no. 4951/Del/2019 (AY 2015-16) also the addition of Rs.3,67,10,582/- was made by the Assessing Officer by passing assessment order dated 29.12.2017 u/s. 153C/143(3) of the Act, on the similar footing, as made by the Assessing Officer in the case pertaining to A.Y. 2010-11. 5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14.12.2022 wherein the appeals of the department have been dismissed by taking into consideration the said facts. However, the Hon ble Coordinate Bench put up a rider that in the event of any deletion in the hands of Shri Pradeep Kumar Jindal, wherein the substantial additions were made, the Revenue shall have liberty to take further steps against the Assessee herein in accordance with law. Further, the coordinate Bench also directed the registry to place the written submission made on dated 08.12.2012 by Assessee along with the letter written by Shri Pradeep Kumar Jindal dated 07.12.2022 and the copy of the order in the file of ITA No.8288/Del/2018 (AY 2012-13), ITA Nos. 8289/Del/2018(AY 2013-14) 8290/Del/2019(AY 2014-15) filed by Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... houghtful consideration to the peculiar facts and circumstances of the case. Considering the facts and circumstances in totality, as the Hon ble Coordinate Bench in the aforesaid order, relating to the Assessee itself, has already taken into consideration the peculiar facts that the entries on the basis of which addition have been made, already subjected to tax in the case of Shri Pradeep Kumar Jindal, who by letter dated 18.01.2023 accepted the fact that he has already accepted the commission income on the accommodation entries given by M/s. Pawansut Holdings Ltd. as part of his taxable income in respect of assessment years 2010-11 and 2015-16 and his personal appeals for the said assessment years (ITA Nos. 8286/Del/2018 for A.Y. 2010-11 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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