Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 837 - ITAT PUNEAddition u/s. 68 - assessee as beneficiaries of accommodation entries in the form of share application money from the companies of Sh. Praveen K. Jain - HELD THAT:- All the three companies have allegedly received share application money of ₹ 25.00 lakh from three bogus companies operated by Shri Praveen K. Jain. There is uniform pattern in all the three companies in which shares of face value of ₹ 10/- were allegedly issued at a premium of ₹ 40/- per share. Search and survey action on Shri Praveen K. Jain amply proved, rather it was admitted by himself, that he was engaged in providing accommodation entries through a web of his bogus companies, which were engaged in providing accommodation entries to various assesses. The assessees in appeal are also beneficiaries of such accommodation entries in the form of share application money from the companies of Sh. Praveen K. Jain. The authorities below have discussed the issue threadbare before making and confirming the additions. In the absence of assessees furnishing any further evidence to substantiate the claim of genuineness of the transactions - Decided against assessee.
|