9911796707
TMI Blog2025 (2) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... irmation of the said party substantiating the Identity, PAN, Sample copy of cheques issued to the said Party which are obtained from Bank.
The three kay ingredients being Identity, Genuineness and Creditworthiness of the said parties being proven, the said transactions cannot be said to be bogus. All the documents prove that the assessee have received short term finances and also repaid the amounts. Hence, we hold that no addition in this is called for. Appeals of the assessee are allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... that in this case the assessee has filed return of income for the year under consideration but no assessment as stipulated u/s 2(40) of the I.T. Act, 1961 was made and the return of income was only processed u/s 143(1) of the Act. In view of the above, provisions of clause (b) of explanation 2 to section 147 are applicable to facts of this case and the assessment year under consideration is deemed to be a case where income chargeable to tax has escaped assessment. In this case more than four years have been elapsed from the end of assessment year under consideration. Accordingly, a notice u/s 148 of the I.T. Act has been issued to the assessee on 30.03.2021, after recording reasons for satisfaction and obtaining necessary approval from the Pr.CIT-1, Ahemdabad as per the provisions of section 151 of the Act. 4. The assessee has filed her return of income on 03.01.2022 declaring total income of Rs. 3.63,665/- in response to the notice u/s.148 of the act. Further, notice u/s.142(1), dated 16.11.2021, 24.12.2021, 03.01.2022 was issued calling for information. Reasons of re-opening was provided to the assessee vide this office letter dated 1.02.2022. Consequent to the submission of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PS7502M), Jignaben Samirbhai Shah (AUPPS3338A), Harishbhai Muljibhai Purohit (BVQPP0659E), Hasmukh Jamesh kumar Purohit (BCWPP4480J), Lucky Bajoria (BPPPB6421R), Niranjan Nareshbhai Makwana (DCDPM0617K), Sandip Narshibhai Parmar (ATFPP1170Q), Vivekkumar Karnalkumar Agrawal (AMLPA2976Q) opened bank accounts and their bank account used by the Sanjay Govindaram Agarwal (Sanjay Tibrewal) to provide accommodation entries. Further Sri Sanjay Tibrewal has maintained the list of concerns in the name of various persons such as Harish M Purohit, Lucky Bajoria, details of various bank accounts held in their name in different bank accounts and the period of holding of such banks. These sheets are found in his residential premises, office premises mobile phone of Sanjay Tibrewal which prove that Sanjay Tibrewal is the main operator of these concerns. Apart from this, various other incriminating evidences has been found which establish the fact that Sanjay Tibrewal is operating various bank accounts which are in reality held in the name of various other persons and used for providing accommodation entry. From the above, it can be seen that either the address of business or the mobile number ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, Ahmedabad 0447010100000438 26,58,169/- 2. Krishna Enterprises -do- 447010100000439 9,91,000/- 3. M/s. Sankar Corporation 12 Shakti Society, Isanpur, Ahmedabad 0447010100000472 38,89,000/- Total 75,38,169/- Details of transactions of Harish M. Purohit with KANODIA VINAYAK PROPACK (ABGPK5179D) Sl.No Proprietorship concern/business concern Address of business of concern Bank Account details transactions made by Shri Sanjay Tiberewal Amount transferred/accommodation entries provided during the F.Y 2012-13 1 Radhe Corporation 55, Hari Darshan Society, Narol Ahmedabad & 213, New Cloth market, Ahmedabad 0447010100000 8,62,500/- Total 8,62,500/- With regard to address of the business concern of Sri Harish M. Purohit enquiries were conducted during the course of search and post search proceedings and found as under (Details of address wise enquiries conducted and result thereof.) Address-1: No such proprietary concern is running at the given address for the last 25 years. On further enquiring from owner of this property, it is was found that the premise was not let out to any one and no business concern is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ind of sale-purchase of goods. No services of any kind are provided by these concerns. No loans & advances are advanced or received by these concerns. No share investment business is carried out by these concerns. All the current accounts which are in name of Harish M Purohit are operated by Sanjay Tibrewal for providing accommodation entry only. * Sanjay Tibrewal carries out his business at 209 & 233, Top Floor, New Cloth Market, Sarangpur. * Harish M Purohit stated that for operating his bank accounts, his forged signatures were done. Harish M Purohit deposed that Lucky Bajoriya, Nandu Ji. Kamlesh Patel, Suman Tulsyan, Sanjay Tibrewal and Dayabhai Solanki can do his forged signature. He stated that these persons used to carry out finance related activities at 233, Top Floor, New Cloth Market. * Suman Tulsyan is an important ally of Sanjay Tibrewal. He used to do all the bank related work for Sanjay Tibrewal. Kamlesh Patel looks after cash related work of Sanjay Tibrewal. Lucky Bajoria does cheque related work. In view of the above discussions it is clear that Sanjay Tiberewal was into the business of providing accommodation entries by using the bank accounts held in the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. (Addition U/s. 69A: Rs. 84,00,669/-) 4. Aggrieved the assessee filed appeal before Ld. CIT (A). 5. The findings of the Ld. CIT(A) reads as under: From the credible information, it is noticed by the AO that during the F.Y. 2012-13 relevant to the A.Y. 2013-14, business concerns of Harish M. Purohit, i.e. Radhe Corporation, M/s. Shankar Corporation and Krishna Enterprises made transactions with the business concerns of Kanodia Creations, Kanodia and Vinayak Propack. The AO further observed that from the J & K Bank account furnished by the appellant, it was observed that funds were credited from M/s. Radhe Corporation and Siddivinayak Textiles. The appellant denied being known the person Sanjay Tiberewal and his associates. However, she has not explained the credit entries in her J & K bank account from M/s. Radhe Corporation and Siddivinayak Textiles. 5.5.1 It is submitted that the appellant is engaged in the business of trading of semi stitched cloth. During the year, the bank statement showing transactions of cheques received are not at all any accounting entry from Sanjay Tibrewal but the assessee was issued post dated cheques issued which were crossed bearer cheques and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Propack, it was held by the appellant that the same should not be added in her case as the firm is a different entity. In the remand report, the AO at page 3 held that the assesee has submitted a copy of acknowledgement of return of income filed by Sh Manishkumar Kanodia, Prop: Kanodia Vinayak Propack. Therefore, the claim of the assessee with respect to addition of Rs. 8,62,500/- appears acceptable. Relied on the remand report of the Assessing officer, the AO is directed to delete the addition of Rs. 8,62,500/-. Therefore, the addition of Rs. 75,38,169/- (Rs. 84,00,6698,62,500) being the credit entries in the bank is confirmed u/s 69A of the Act as the synopsis of same remain unexplained and unsubstantiated. 6. Aggrieved the assessee file appeal before the Tribunal. 7. Before us Ld. AR argued that the assessee is in the business of trading of unstitched ladies dress material in the name of Kanodia Creation for this the assessee was in a need of funds and finances for which the assessee was obtaining finances. The copies of the cheque issued for discounting and receiving the cheques have been enclosed in the paper book the assessee has not received any entry from or Sanjay Agraw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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