Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (12) TMI 127 - ITAT DELHI

2015 (12) TMI 127 - ITAT DELHI - TMI - Addition u/s 68 - accommodation entries - Held that:- when the assessee has duly explained the source of credit in their account on account of loan, interest on loan and cash deposits etc. and has also claimed expenses on account of bank charges, conveyance, salary and allowances and depreciation, we are of the considered view that addition should not have been made without verifying the genuineness and creditworthiness of the parties who have otherwise con .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in, CA For the Respondent : Shri P Dam Kanunjna, Sr. DR ORDER Per Kuldip Singh Appellant M/s. Next Wave India (A.O.) by filing the present appeal, sought to set aside the impugned order dated 29.01.2013 passed by Ld. CIT(A) XXVII, New Delhi for the Assessment Year 2004-05 on the grounds inter alia that: "1. That the order of the learned Commissioner of Income-tax (Appeals) is bad in law and on the facts and in the circumstances of the case. 2 . That the learned Commissioner of Income tax (A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ank accounts without properly going through the same. 5. That the learned Commissioner of Income-tax (Appeals) has erred in sustaining the disallowance of following expenses:- a) out of Conveyance ₹ 1,980/- b) out of Salary & Allowances Rs.16,500/ c) Depreciation ₹ 4,050/-." 2. Briefly stated the facts of this case are that the assessment order was passed by the A.O. on the basis of notice issued u/s 148 of the I. T. Act, 1961 (for short the Act ) during assessment proceedin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rn of income has been filed in the name and style of M/s. Next Wave India (A.O.P) and Shri Bharat Bhushan and Smt. Renu Bhushan came into existence and the return in the capacity of AOP has been filed. ITO, Ward 13(2), wrote a letter along with a copy of MOU signed by Shri Bharat Bhushan and Smt. Renu Bhushan and a copy of statement of Shri Bharat Bhushan was recorded by him. 4. Pursuant to the inquiries conducted by Investigation Wing of the Department, it was noted that Shri Bharat Bhushan and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ities were done by Shri Bharat Bhushan and Smt. Renu Bhushan through the aforesaid account as the entries recorded in this account are only laundering of money. The transactions made through this account were never declared before any income tax authorities and these were come in light only in the inquiries made by the Investigation Wing of the Department. 5. Despite receipt being added in the name of the company M/s. Next Wave (India) Pvt. Ltd., Shri Bharat Bhushan and Smt. Renu Bhushan filed r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as under: "That the First Party declare and own in the capacity of an Association of Persons, before the income Tax Authorities who are assessing Nextwave, all the transactions done by it under the name of Nextwave and shall therefore be solely and exclusively liable for any income tax, interest and penalties and any other liability financial or otherwise arising out of such transactions. For this purpose the First Party shall provide its assessment particulars and all other informations as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s. So, the money with shri Bharat Bhushan and Smt. Ritu Bhushan in the books of account was operated by them in the name and style of M/s. Next Wave India Pvt. Ltd. with the intention of introducing their unaccounted money in the normal process. Therefore, entire receipt of ₹ 17,00,058/- is being treated as unexplained income of Shri Bharat Bhushan and Smt. Ritu Bhushan and has been added u/s 68 of the Act in the hands of the AOP pursuant to MOU annexed therewith. 7. Feeling aggrieved, the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ent proceedings and Mr. Bharat Bhushan is a member of AOP and confirmation from Mr. Bharat Bhushan and the bank statement has already been filed vide para 9 of the letter, therefore, the assessee has explained the identity, genuineness and creditworthiness of the person from whom the money has been received but the A.O. as well as Ld. CIT(A) have passed the impugned orders arbitrarily; that an identical issue in a similar mater has been decided by ITAT, Delhi Benches E Bench, New Delhi in the ca .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version