9911796707
TMI Blog2013 (10) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... Gupta. ORDER:- Instant three appeals since arise from common judgment of Income Tax Appellate Tribunal ("Tribunal") dt.31.03.2010, hence heard together & disposed of by the present order. The revenue has preferred instant appeals U/s 260A of Income Tax Act,1961 ("Act, 1961") assailing judgment of the Tribunal dt.31.03.2010 affirming order of Commissioner (Appeals) dt. 05.03.2008, with modifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and employees of this group were running the racket of providing accommodation entries of gifts, loans, share application money, share investment and long term capital gains in shares. It will be relevant to record that the present assessee might have been in consultation with M/s. B.C. Purohit & Company and a member of the group and has drawn inference regarding providing accommodation entries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese companies either cash was deposited in the same account or in another account of the group company in fact was M/s. B.C. Purohit of which the present assessee was considered to be one of the group member. However, it was further observed that summons issued U/s 131 of the Act were served upon all such applicant/ creditors and their confirmation letters were filed and the companies were assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on record observed that after the summons were issued U/s 131 of the Act,1961 to the applicant/creditors and their confirmation letters were filed and the companies were assessed to tax being private limited companies the existence of their separate legal entity ordinarily could not have been challenged more so when the identity of existence of the investor is not disputed and accordingly upheld ..... X X X X Extracts X X X X X X X X Extracts X X X X
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