Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1199 - AT - Income TaxAddition u/s 68 - bogus unsecured loans - search and seizure operation conducted on the residential and business premise of the PKJ and on the basis of evidences recovered and statements of various persons recorded, Assessing Officer observed that it was found that PKJ was not doing any genuine business activity and was engaged in the activity of providing accommodation entries - HELD THAT:- The search and seizure operation u/s. 132(1) was conducted in Mangal Group of cases on 01.10.2013 it is relevant to note that Mangal group is owned by Shri Mangal jain and Shri Ajit Jain and family members and they hold major shares and directorship in companies of Mangal group. Assessee is also part of Mangal group which is owned by Shri Mangal Jain and others. In the case of Mangal group, Assessing Officer observed that assessee made additions related to transactions with PKJ group by way unsecured loans/ share application money/bogus purchases. We observed that in the instant case also assessee made similar additions which is relating to unsecured loans and it is pertinent to note that the above said unsecured loans were repaid during the assessment year or in subsequent Assessment Years - Decided in favour of assessee.
|