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2023 (2) TMI 575 - AT - Income Tax
Unaccounted income - unexplained investment - HELD THAT:- Barter Group had floated several companies so as to receive the share capital in these companies and providing accommodation entries to those beneficiaries who wanted their unaccounted money has to be brought in their books through accommodation entries. In fact, the names of 13 companies reveal in respect of providing the accommodation entries in the garb of unsecured loans share application money.
CIT(A) observed that the appellant company made investment in the company name M/s. Subodhsagar Share & Services Pvt. Ltd. which collected huge sum from various companies including the assessee company. Since the assessee company did not provide any satisfactory explanation for the investment made in the form of share application money the AO has rightly made addition. The assessee has only given the details of M/s. Subodhsagar Share & Services Pvt. Ltd. that also in the tabular form and not exactly how the funds owned by the assessee. Therefore, the CIT(A) was right in confirm the addition. Hence, appeal of the assessee is dismissed.