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TMI Blog2024 (1) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... AO and held that the AO has verified the fund flow statement depicting the source of funds and utilization of the same for payments to beneficiaries submitted by the assessee. CIT(A) held that it was found which established that the Sh. Anand Jain and Sh. Naresh Kumar Jain were operating bank accounts in the names of various concerns/companies through which accommodation entries were being provided and the appellant company was one of such shell concerns. Further the beneficiaries of such accommodation entries were also identified and information to their respective AOs was also disseminated as mentioned in the assessment order as well as the remand report. Charging of commission is concerned in the case of the assessee, it has been held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,37,640/- made on account of undisclosed sources u/s 68 for unexplained entries in bank account ignoring the fact that assessee has failed to produce any concrete and any additional evidences in support of its contention. 2. That on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in deleting the addition of Rs. 71,344/- made on account of unaccounted commission, ignoring the fact that the assessee has failed to disclose the commission earned from providing accommodation entry. 3. That the order of the CIT (A) is perverse, erroneous and is not tenable on facts and in law." 3. The assessee has raised the following grounds of appeal in CO No. 181/Del/2022: "1. On the facts and circumstances of the case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmodation entries in the form of share application money or unsecured loans." 4. The assessee is a Private Limited company and is engaged in the business of trading. The assessee filed return of income on 28.09.2012 declaring a total income of Rs.1,06,230/-. Thereafter, a search and seizure operation was carried out on the business & residential premises of Anand Jain and Naresh Jain group of cases on 17.12.2015. The case of the assessee company is covered under 153C of the Act, 1961 and satisfaction note were recorded by the AO of searched person on 20.03.2018 and by the AO of the assessee company on 22.03.2018. 5. The AO has made protective addition of entire credit entries in bank account of Rs.2,85,37,640/- treating as unexplained en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es given through various entities. Hence, no separate commission can be taxed in the hands of the assessee as the commission already stands taxed in the hands of the entry operators in individual capacity. 11. Heard the arguments of both the parties and perused the material available on record. 12. We have examined the ratio of the ld. CIT(A). The ld. CIT(A) held that the AO in the assessment order has claimed to have identified the names of beneficiaries and already disseminated the information to the assessing officers of the beneficiaries and hence the credits received by the appellant cannot be treated as unexplained credit in its hands since, the said transactions are mere arrangement of funds/routing of unaccounted income of the ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000 Yuga Estate Pvt. Ltd. 10.08.2011 2,500,000 10.08.2011 SR Buildcon Pvt. Ltd. Haryana Institute of Technology 10.08.2011 500,000 10.08.2011 Macro IT System Pvt. Ltd. 300,000 Haryana Institute of Technology 10.08.2011 300,000 11.08.2011 Sai Infoweb Pvt. Ltd. 500,000 Haryana Institute of Technology 10.08.2011 97,100 Sai Infoweb Pvt. Ltd. J.P. Art 11.08.2011 402,900 11.08.2011 H.J Books Agency 1,754,162 J.P. Art 11.08.2011 1,754,162 11.08.2011 Ganesha Investment 2,350,000 J.P. Art 11.08.2011 23,42,938 11.08.2011 Ganesha Investment Prodip Overseas 05.09.2011 7,062 25.08.2011 New India Publishing Agency 207,942 Prodip Overseas 05.09.2011 207,942 13. From the above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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