TMI Blog2019 (1) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... CBI Vs. V.S. Shukla [1998 (3) TMI 675 - SUPREME COURT] Notings found in the loose sheets would not do any good to the Revenue. The assessee has claimed 25 paise or 0.25% on the strength of the statement of kingpin Shri Tarun Goyal, who in his statement recorded under oath u/s 132(4) of the Income tax Act, 1961 has categorically stated that the rate of commission charged on accommodation entries provided through various companies was 0.25%. The statement of Shri Tarun Goyal recorded u/s 132(4) of the Act can be a good piece of evidence in the case of Shri Tarun Goyal only. The assessee also relied heavily on various decisions of the co-ordinate bench wherein the Tribunal has adopted rate ranging from 0.15 paise to 0.50 paise i.e 0.15% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aptioned appeals by several appellants have been preferred against the separate orders of the first appellate authority for respective Assessment Years. 2. At the very outset, the ld. counsel for the assessee for the appellants stated that the underlying facts in issue are identical in all the appeals and if the facts of only one appeal are considered, all the appeals can be disposed of accordingly. The ld. counsel for the assessee stated that he would be arguing only the facts of Adonis Financial Services Pvt. Ltd in ITA No. 6507/DEL/2015. 3. On such concession, the representatives of both the sides were heard at length and all the appeals are disposed of by this common order for the sake of convenience and brevity. 4. Out of 86 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inion that in such illegal activities, there cannot, and should not be any precedence. However, the Assessing Officer has referred to some loose sheets on which the percentage was mentioned at 1.69% to 2.5%. 9. The evidentiary value of loose sheets have been considered at length by the Hon'ble Supreme Court in the case of CBI Vs. V.S. Shukla [1998] Taxmann.com 2155 . 10. In the case of V.C. Shukla [supra] the Hon'ble Supreme Court held as under: A conspectus of the above decisions makes it evident that even correct and authentic entries in books of account cannot without independent evidence of their trustworthiness, fix a liability upon a person. Keeping in view the above principles, even if we proceed on the assumptio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id down by the Hon'ble Supreme Court [supra], notings found in the loose sheets would not do any good to the Revenue. The assessee has claimed 25 paise or 0.25% on the strength of the statement of kingpin Shri Tarun Goyal, who in his statement recorded under oath u/s 132(4) of the Income tax Act, 1961 has categorically stated that the rate of commission charged on accommodation entries provided through various companies was 0.25%. 13. However, the statement of Shri Tarun Goyal recorded u/s 132(4) of the Act can be a good piece of evidence in the case of Shri Tarun Goyal only. 14. The ld. counsel for the assessee also relied heavily on various decisions of the co-ordinate bench wherein the Tribunal has adopted rate ranging from 0.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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