9911796707
TMI Blog2024 (10) TMI 1639X X X X Extracts X X X X X X X X Extracts X X X X ..... n protective basis and the addition was made substantive basis in the hands of beneficiaries, we observed that ld. CIT (A) has deleted the same correctly as it is a fact on record that assessee has acted only as a conduit entity. Accordingly, the ground raised by the Revenue is dismissed. Commission income which was made on substantive basis in the hands of the assessee, however it is brought to our notice that Anand Kumar Jain who is the provider of accommodation entries, who is the main person, has established these dummy and conduit entities and he has earned the commission income and the same was offered to tax and also confirmed in the case of Anand Kumar Jain [2023 (5) TMI 1186 - ITAT DELHI] therefore, the same income cannot be subje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncern i.e. the assessee company was used for running the business of facilitating accommodation entries. 3. That the order of the CIT (A) is perverse, erroneous and is not tenable on facts and in law. 4. That the grounds of appeal are without prejudice to each other." 3. At the time of hearing, ld. DR for the Revenue brought to our notice brief facts of the case that Anand Kumar Jain is the accommodation entry provider who controls several companies in order to provide such accommodation entries, one of such entities is Shivangi Garments Pvt. Ltd.. The additions were made in the hands of Anand Kumar Jain on substantive basis and in order to protect the interest of the Revenue, the addition was made on protective basis in the hands o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment years under consideration. Ld. AR for the assessee brought to our notice decision of coordinate Bench in the case of Anand Kumar Jain (supra) who controls the assessee company, which is one of the companies, which was utilised to provide accommodation entries. The assessee company being a conduit company, addition was made on protective basis by the Assessing Officer by observing that the assessee has acted as conduit company for providing accommodation entries to the beneficiaries. Appropriate action in the case of beneficiary is to be taken by the concerned Assessing Officer. Since the addition was made on protective basis and the addition was made substantive basis in the hands of beneficiaries, we observed that ld. CIT (A) has del ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
