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TMI Blog2023 (4) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... turned by the co-ordinate Bench of the Tribunal in Hazel Mercantile Ltd. (supra).Resultantly, the present appeal filed by the Revenue and the cross objections filed by the assessee are allowed for statistical purposes. - ITA No.2113/M/2019 CO No.33.M/2021 (Arising out of ITA No.2113/M/2019) - - - Dated:- 31-3-2023 - SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER For the Assessee : Shri Tapan Doshi, A.R. For the Revenue : Smt. Somogyan Pal, D.R. ORDER Per : Kuldip Singh , Judicial Member: Aforesaid appeal filed by the appellant Jt. Commissioner of Income Tax(OSD), Mumbai (hereinafter referred to as Revenue) and the cross objection filed by the cross objector M/s. Sanman Trade Impex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entries undertaken by the assessee group as profit earned on unaccounted sales. The Id. CIT (A) also erred in not appreciating the fact that the huge amount of accommodation entry undertaken by the assessee group itself reflected the profit earned through unaccounted sales undertaken by the assessee in the course of deleting the additions? 4. Whether on the facts and in the circumstances of the case and in law, the Id. Commissioner of Income Tax (Appeals) erred in deleting the addition made in the assessment order, by merely relying on the submissions of the assessee that the funds generated through accommodation entry were directly/indirectly routed to the assessee company without providing any opportunity of being heard or for veri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons in the Assessment Order passed u/s.153A/C r. w. s. 143(3) of the Act on issues not based on any incriminating material found during the course of search. 2. On the facts and circumstances of the case as well as in Law, the Learned CIT(A) has erred in confirming the action of Learned Assessing in disallowing the claim for exempt Long Term Capital Gains made by the Appellant in the return. of income amounting to Rs.2,46,95,532/-without appreciating the facts and circumstances of the case and position of law. 3. On the facts and circumstances of the case as well as in Law, the Learned CIT(A) has erred in confirming the action of Learned Assessing in treating the exempt LTCG are allegedly non genuine and adding the same u/s.68 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crips such as Rander Corporation Ltd., Blue Circle Services Ltd. Dhanleela Investments Trading Ltd., Mishka Finance and Trading Ltd. etc. through a fraudulent scheme of tax evasion and money laundering. On the basis of seized documents/cash related to the assessee, notice under section 153A was served upon the assessee and in response thereto the assessee filed the return declaring total income at Rs.20,83,060/-. Then notices under section 143(2) and 142(1) were served upon the assessee who were duly represented, filed necessary details. The AO while examining the genuineness of the transaction of LTCG proceeded to hold that the assessee has invested in shares of an unknown non descript company by way of preferential allotment and the fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d law applicable thereto. 5. We have perused the order passed by the Ld. CIT(A) qua the addition made by the AO disallowing the claim of exemption for LTCG of Rs.2,46,95,532/- and further addition of Rs.12,34,777/- @ 5% of the LTCG as unaccounted commission expenses which he has deleted in view of the decision made in case of Hazel Mercantile Ltd. in whose hand the addition is upheld on substantive basis by returning following findings: 15.2. I have considered the submissions of the appellant carefully. The facts submissions being similar to AY 2012-13, as discussed in detail in paras 4.1 to 4.3 of this order, Grounds of Appeal No.1 6 are, therefore, dismissed. 16.1. Grounds of appeal no.2, 3 4 are on the merits of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the explanation regarding source of cash. Hence these grounds are treated as partly allowed as above. The appellant and the other relevant entities in the VERITAS group will pass correctional accounting entries in all the concerned entities to reflect this position. 6. Now the Ld. A.Rs for the parties to the appeals further brought to the notice of the Bench that since in case of Hazel Mercantile Ltd. wherein addition of LTCG and unaccounted commission was upheld by the Ld. CIT(A) on substantive basis has since been set aside by the Tribunal vide order dated 23.01.2023 in ITA No. 1899/Mum/2019 (A.Y. 2010-11), ITA No. 1900/Mum/2019 (A.Y. 2011-12), ITA No. 1901/Mum/2019 (A.Y. 2012-13), ITA No. 1902/Mum/2019 (A.Y. 2013-14), ITA N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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