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2011 (2) TMI 917 - HC - Income TaxSearch and seizure - Block assessment - accommodation entry - On many occasions his statements were recorded at the Investigation Wing, Unit-2, in which he has clearly specified that he has not been transacting any real business but he only used to issue cheques for various bank accounts under his control against the cash received from the persons who used to approach him through various mediators - He has not been maintaining any books of accounts and the details were being maintained as Kachha records which were used to be destroyed from time to time, out of which some have been seized by the Income Tax Department.Annexure A-16, A-18, A-19, A-20 & A-21 of party M-5 clearly supports our above said contention - So far as identity, credit worthiness and genuineness of credit entries is concerned, we have to clarify that it is not possible to give identity and creditworthiness of the parties who were the beneficiaries and actually the amount has been received from various mediators as is evident from the Annexure A-16, A-18, A-19, A-20 & A-21 of party M-5 - Decided against the assessee As regards delay in issuing notice to the assessee, we find merit in the contention that it was a case which involved a huge fraud of tax evasion where business of searched person was to give accommodation entries resulting in tax evasion to the extent of Rs.132 Crores in total, spread over the cases of various assesses in all over India - Decided in favor of the Revenue
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