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TMI Blog2024 (9) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... in this Income Tax Appeal is not even a question of law. The ground taken by the appellant that the findings recorded by the Tribunal are contrary to records seems to have been raised just for the sake of creating a ground; nothing has been shown to this Court on this point. The findings recorded by the appellate Authority and the Tribunal are in consonance with the law of evidence and the Income Tax Act, in particular. On a glance at materials on record, we find that the Assessing Officer assessed M/s Esspal International Pvt. Ltd. under section 143(3) of the Income Tax Act, 1961 only on the basis of the statement given by Shirish Chandrakant Shah; though he has recorded that the assessment order is being passed after considering the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in the circumstances of the case and in law, the ld. ITAT was justified upholding the decision of in ignoring the fact that all the transactions which were made by the Accommodation Entries providers to which the assessee was one of the beneficiaries were sham transactions and used as a colorable device and generation of documentary evidence for converting unaccounted money into tax exempt income? (iii) Whether on the facts and in the circumstances of the case and in law, the ld. ITAT was justified in dismissing the appeal of Revenue in not considering the issue on merit especially when Shri Shirish Chandrakant Shah in his statement recorded under section 132(4) of the Act dated 11.06.2013, in reply to question no.5, he had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On completion of the assessment under section 143(3) read with Section 147 of the Income Tax Act, 1961, the total income assessed was Rs.3,75,06,610/- by making additions on account of bogus share application money and commission for bogus accommodation entries. 5. The assessment order dated 22nd March 2016 passed under section 143(3)/147 of the Income Tax Act, 1961 was challenged by the respondent by filing Appeal No.119/2016-17 which was allowed by an order dated 15th March 2018. This appellate order was put to challenge by the Income Tax Department by filing I.T.A. No.288/Jodh/2018. 6. In the background of the aforementioned facts, Mr. K.K. Bissa, the learned standing counsel submits that the findings recorded by the Tribunal are ex-faci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of ITAT Delhi in the case of CIT vs. Nishit Fincop. P.Ltd. (ITA No.15/Del./2010) where the addition made u/s 68 has been deleted. The ld. CIT(A) further relied upon the decision of Jurisdictional ITAT in the case of PSL Relmart and decision of Supreme Court in the case of Andman Taubar Industries (Civil Appeal No.4228 order dated 02.09.2015) while deleting the addition of Rs.3,00,00,000/- made by the AO u/s 68 is hereby deleted. 14. That the Ld. CIT(A) on a very detailed examination was satisfied about identity, creditworthiness and genuineness of the investor companies and held that the assessee had discharged the primary onus to prove their identity, creditworthiness, and genuineness. We, therefore, concur with the finding of the Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for discussion of alternative views. 9. Applying the aforesaid test, we find that the question sought to be raised in this Income Tax Appeal is not even a question of law. The ground taken by the appellant that the findings recorded by the Tribunal are contrary to records seems to have been raised just for the sake of creating a ground; nothing has been shown to this Court on this point. The findings recorded by the appellate Authority and the Tribunal are in consonance with the law of evidence and the Income Tax Act, in particular. On a glance at materials on record, we find that the Assessing Officer assessed M/s Esspal International Pvt. Ltd. under section 143(3) of the Income Tax Act, 1961 only on the basis of the statement given by Shi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- is added to the total income of the assessee being undisclosed income. Penalty proceedings u/s.271(1)(c) are initiated for concealing income by furnishing inaccurate particulars of income. Addition: ₹7,50,000/- 8. Subject to the above remarks and after considering the totality of the fact and circumstances of the case, the submissions of the assessee and the material available on the record the total income of the assessee is computed as under :- Total income as per order u/s.143(3) dated 24.03.2014 6756612 Add: (1) On account of Bogus share application money as discussed in Para-6 as above 3,00,00,000 (2) On account of bogus share application money as discussed in para-7 as above 750000 Total Income ₹ 37506612 Rounded off o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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