TMI Blog2017 (4) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... s of identity, creditworthiness and genuineness could not be conclusively established as required under section 68 of the Act. The documents available with the AO could not be ignored as they reveal the modus operandi of the working particularly in the case of the assessee, as to how with the help of a middleman, cash was first deposited into M/s Transnational Growth Fund Pvt. Ltd. and thereafter to the assessee company through RTGS. In the face of such incriminating documents evidencing the accommodation entry, we find no merit in the present appeal. - Decided against assessee. - ITA No. 1427/Del./2016 - - - Dated:- 15-3-2017 - SHRI B.P. JAIN, ACCOUNTANT MEMBER For The Assessee : Sh. B.L. Mittal, Advocate For The Revenue : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th Fund Ltd. was unexplained cash credit U/s 68 of the Income tax Act 1961. 3. That the appellant craves leave to add , alter, amend, modify, substitute, delete any of the ground(s) of appeal at or before the time of the final hearing of the appeal, if necessary. 4. The assessee during the relevant A.Y. had received ₹ 27,50,000/- from M/s Transnational Growth Fund Ltd. It is revealed from the record that the said company is a part of Sh. Surendra Kumar Jain Group of companies. A search and survey action was carried out in the case of the said group and various incriminating material pertaining to accommodation entries including that of the present assessee were recovered. It was found that the said group was involved in providi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduce the creditor before the AO. 7. We have heard the rival submissions, perused the record and the judgments relied upon by the parties. Though the assessee had produced the PAN, Bank details, ITR, balance sheet of the creditor company to substantiate the unsecured loan of ₹ 27.5 lacs received by it, however, it was not able to produce the creditor before the AO particularly, in view of the fact that the AO was not able verify the information furnished. The inspector had given a report that no company existed at the given address. The onus shifted back to the assessee after such report of the inspector had come. The said onus was not discharged by the assessee and the primary requirements of identity, creditworthiness and genuin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if it falters, the consequence may well be an addition u/s 68 9. Moreover, in the present case, the documents available with the AO could not be ignored as they reveal the modus operandi of the working particularly in the case of the assessee, as to how with the help of a middleman, cash was first deposited into M/s Transnational Growth Fund Pvt. Ltd. and thereafter to the assessee company through RTGS. In the face of such incriminating documents evidencing the accommodation entry, we find no merit in the present appeal. A reference to the judgment rendered by the Hon'ble Delhi High Court in the case of CIT Vs. Nova Promoters Finlease (P) Ltd., 342 ITR 2012, would be useful wherein it was held as under: The ratio of a decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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