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2016 (3) TMI 456 - ITAT JAIPUR

2016 (3) TMI 456 - ITAT JAIPUR - TMI - Reopening of assessment - Held that:- The case has been reopened U/s 148 on the basis of search conducted in the case of M/s B.C. Purohit and company group on 12/4/2005. M/s Bansal Oil Mills Ltd. (assessee) also found beneficiary and had received accommodation entry of ₹ 3 lacs from M/s K.G. Petrochem (P) Ltd. Therefore, the Assessing Officer had reason to believe to reopen the case U/s 147 of the Act. Accordingly the action of the Assessing Officer o .....

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s set aside to the Assessing Officer and the ld Assessing Officer is directed to provide copy of statement and required copy of seized material for explaining the cash creditor by the assessee. Accordingly, this issue is set aside to the Assessing Officer for denovo. - Decided partly in favour of assessee for statistical purposes only. - ITA No. 813/JP/2013 - Dated:- 19-2-2016 - R P Tolani, JM And T R Meena, AM For the Appellant : Shri R C Shah, Adv For the Respondent : Shri O P Bhateja, Addl. C .....

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has failed to appreciate that the appellant has taken the loan through account payee cheque, returned amount by account payee cheque, both were routed through regular banking channel, interest was paid and TDS was deducted and deposited by appellant and claimed by lender in its IT Return, confirmation was filed. The lender is a body corporate, transaction was duly entered in books. PAN of lender was given and request of appellant to summon the person who made incriminatory statement was not gran .....

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cted or related directly or indirectly to these persons and the deponent has no where taken name of the appellant. 4. That the ld CIT(A) is not correct in not considering and accepting the detailed submissions and various judicial decisions filed by the appellant company." 2. The assessee company is engaged in manufacturing of edible oil, oil cakes and mill stone. The assessee filed its return on 28/11/2003 showing income of ₹ 15,79,210/-. The return was processed U/s 143(1)(a) of the .....

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rch and seizure conducted by the department in the case of B.C. Purohit and company group on 12/4/2005. During the course of search, there was allegation that some parties have taken entries from this company. The assessee also has held to be involved in getting the entries from this group but it is argued that the assessee has taken this loan from M/s K.G. Petrochem (P) Ltd. through account payee cheque, which has been repaid to him. The assessee had furnished all the details before the Assessi .....

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ble on the record. In this case, no scrutiny has been made by the revenue. The case has been reopened U/s 148 on the basis of search conducted in the case of M/s B.C. Purohit and company group on 12/4/2005. M/s Bansal Oil Mills Ltd. (assessee) also found beneficiary and had received accommodation entry of ₹ 3 lacs from M/s K.G. Petrochem (P) Ltd. Therefore, the Assessing Officer had reason to believe to reopen the case U/s 147 of the Act. Accordingly the action of the Assessing Officer on .....

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to provide entry in the guise of gifts, loans or long term capital gain on transactions in shares and whatever deposits were made in the bank account of these companies were in fact sums received from the beneficiaries who wanted to have an accommodation entry. The ld Assessing Officer reproduced the statement recorded U/s 132(4) of the Act on page 4 to 10 of the assessment order and on the basis of this statement, the ld Assessing Officer gave the reasonable opportunity of being heard to the a .....

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this is an accommodation entry of ₹ 3 lacs. Accordingly he made addition of ₹ 3 lacs U/s 68 of the Act. 5. Being aggrieved by the order of the learned Assessing Officer, the assessee carried the matter before the learned CIT(A), who had confirmed the addition by observing as under:- "I have considered the facts of the case and the submissions made. The AR could not controvert thefindings of the A.O. The submission filed by the AR for the appellant is not tenable because the A.O .....

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e facts and circumstances of the case, the case laws cited by the AR for the appellant is not relevant. Hence, the addition made by the A.O. is sustained. The appellant fails on this ground." 6. Now the assessee is in appeal before us. The ld AR for the assessee has reiterated the arguments made before the ld CIT(A) and further argued that the assessee is not connected directly or indirectly to M/s B.C. Purohit and Company and Shri Kripa Shankar Sharma in any way. The company or any person .....

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f search of Shri Kripa Shankar Sharma had not been provided to the assessee. The assessee vide letter dated 30/11/2010 had requested to the Assessing Officer to provide the copy of statement recorded by the department and copy of the seized material connected with in the case of B.C. Purohit & Company group. The assessee also requested for arranging cross examination of the party to bring on record the correct fact with relation to loan taken by the assessee. He further relied upon a recent .....

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