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TMI Blog2023 (8) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... dinate bench of the Tribunal vide its order [ 2023 (1) TMI 1276 - ITAT MUMBAI] for the assessment years 2008-09 to 2014-15 upheld the addition made on substantive basis in the hands of Mr. Praveen Kumar Jain. Thus as the substantive addition has already been upheld by the coordinate bench in the case of Praveen Kumar Jain (supra), therefore the similar addition made on a protective basis in the hands of the assessee becomes unsustainable and therefore is directed to be deleted in all the assessment years under consideration before us - Decided in favour of assessee. - ITA no. 1402 to 1407/Mum./2023 - - - Dated:- 27-7-2023 - Shri G.S. Pannu, President, And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Vimal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenses, Business Losses, Capital Gain / Loss, purchase, sales, loans and advances and Investments etc submitted by appellant company. III. The Learned Commissioner of Income Tax (Appeal) has again erred in upholding the addition made by the learned Dy. Commissioner of Income Tax by estimating addition at the rate of alleged commission income at 0.20% p.m. for Loans Advances and 2% for Share Application money (Investments) during the captioned year. IV. The Learned Commissioner of Income Tax (Appeal) has again erred in upholding the proposition of the learned assessing officer and treatment of the alleged unaccounted commission income is confirmed on Protective Basis . V. The appellant craves to add, amend or alter the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tly, statutory notices under section 143(2) as well as section 142(1) of the Act were issued and served on the assessee. On the basis of the various evidence found, facts gathered and statements of various persons recorded during the search action conducted under section 132(1) of the Act on Mr. Praveen Kumar Jain and his associates and related companies, it was found that Mr. Praveen Kumar Jain, through a network of a no. of companies, including the assessee, was involved in the business of providing accommodation entries in the garb of providing unsecured loans, share capital or issuing bogus bills of purchase and sales. During the course of search, the search team located premises at 104, Durga residency, Inderlok, Phase-III, Bhayander(E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e bogus sales and purchases. Since the entire business of providing accommodation entries was run by Mr. Praveen Kumar Jain and the profit/income by way of commission on the turnover through the conduit companies was also enjoyed by him, the income earned on turnover through these concerns, including the assessee, was included as income in the individual case of Mr. Praveen Kumar Jain. However, the Assessing Officer also assessed this income in the hands of the assessee on a protective basis. 6. We find that vide common impugned order, the learned CIT(A) dismissed the appeals filed by the assessee, inter-alia, in all the assessment years under consideration before us and upheld the addition made by the Assessing Officer on a protective b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putting in appearance, by producing any evidence and by assisting the Bench despite availing numerous opportunities. Consequently, we find no illegality or perversity in the impugned order passed by Ld.CIT(A), hence, aforesaid appeals filed by both the assessees, namely, Shri Pravin Kumar Jain and Shri Pankaj Jain are hereby dismissed. 8. In the present appeals, it is undisputed that the substantive addition has been made in the hands of Mr. Praveen Kumar Jain and the similar addition, on a protective basis, is made in the hands of the assessee. Since the substantive addition has already been upheld by the coordinate bench in the case of Praveen Kumar Jain (supra), therefore the similar addition made on a protective basis in the hands ..... X X X X Extracts X X X X X X X X Extracts X X X X
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