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TMI Blog2024 (11) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... his appeal: - "1. Whether on the fact and in the circumstances of the case and in law Re the Ld. CIT(A) was legally justified in holding that documents relied upon by the AO in the assessment leading to the addition of Rs. 14,30,00,000/- towards unsecured loans from bogus/shell companies/entities engaged in illegal business of providing accommodation entries, punishable under various provision of IPC are not incriminating in nature? In doing so, the Ld. CIT(A) has ignored the fact that network, documentation and web of layered companies in the illegal business of providing accommodation entries is well organized throughout MCA and Income Tax Department before various AOs and any finding of information leading to such illegal bogus compani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,30,00,000/- observing as under:- "8. In my understanding, none of the documents relate to the loans amounting to Rs. 14,30,00,000/-, which have formed the basis of addition in this assessment order. In my understanding, the additions u/s 153C can be made only if the documents handed over to the A.O. are incriminating in nature. Thereafter, the additions have to be made in that assessment year only to which these incriminating documents pertain to. In this case, the addition made by the A.O. is not based on seized material handed over to the AO within the meaning of section 153C as detailed in the satisfaction note(s). which have been reproduced above. I find, on the basis of my analysis in the earlier paragraphs that the material found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kabul Chawla, 380 ITR 573 (ii) Pr. CIT vs. Lata Jain, 384 ITR 543 (iii) CIT vs. Kurele Paper Mills P. Ltd., 380 ITR 571 (iv) CIT vs. Smt. Kusum Gupta, ITA No. 634/2015 I am bound by the wisdom of Hon'ble Supreme Court, as provided in the case of CIT vs. Singhad Technical Education Society (order dated 29.8.2017), and various orders of Hon'ble Delhi High Court as detailed above. The additions in this assessment are not based upon material received by the A.O. as detailed in the satisfaction note. Accordingly, based on totality of facts and detailed analysis as above, the addition made by the A.O. amounting to Rs. 14,30,00,000/-, is hereby deleted." [Emphasis supplied.] 4. The Ld. CIT-DR, placing reliance on the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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