TMI Blog2019 (11) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... as the duty of Appellant to provide with further evidence to prove that the transaction was genuine. Since the Appellant has not succeeded in proving a tainted transaction with additional evidence, am constrained to accept the conclusion of the Assessing Officer as in order - Decided against assessee. - I.T.A. No.3154/CHNY/2018, 295/CHNY/2019, 296/CHNY/2019 (Assessment year: 2007-2008.) - - - Dated:- 21-10-2019 - SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER Appellant by: None Respondent by: Shri. A. Sundararajan, Addl. CIT. ORDER PER INTURI RAMA RAO, ACCOUNTANT MEMBER These are appeals filed by different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stigation Wing of the Department Mumbai was on account of change of opinion and as such the reopening u/s 147 of the Act was not valid. 4. The Commissioner of Income tax (Appeals) failed to appreciate that the Assessing Officer was duty bound to provide an opportunity to cross-examine Shri Goutham Jam as his statement was recorded behind the back of Your Appellant, that too during the search and seizure action at his place and not during any assessment proceedings of Your Appellant. 4.1 The Commissioner of Income-tax (Appeals) ought to have deleted the additions made by the Assessing Officer under Section 68 since the Assessing Officer failed to issue summons and examine the lenders under Section 131 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.1 The Commissioner of Income tax (Appeals) ought to have found that the amount of ₹ 5,98,000/- received as loan from Ms. Mihir Diamonds in September 2005 was immediately invested by way of subscription in the Shares of M/s.Hiran orgo chemicals Ltd., a Public Limited company Listed on the Bombay Stock Exchange Ltd., by issue of cheque of Standard Chartered Bank Ltd.; and the assessee was allotted 20000 shares on application by credit in his Depository Account 5.2 The Commissioner of Income tax (Appeals) ought to have appreciated that the Appellant had discharged initial onus by giving particulars of transactions, all transactions took place through regular banking channels, had proved the genuineness o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 68 is not sustainable and liable to be deleted. 6. The Appellant craves leave to file additional grounds at the time of hearing . 5. The brief facts of the case are as under: The appellant is an individual. The return of income for the Asst. Year 2007-2008 was filed on 29.01.2008 disclosing total income of ₹ 2,11,970.-. The said return of income was processed u/s.143(1) of the Income Tax Act, 1961 (in short the Act ). Subsequently based on the information received from DGIT (Investigation) Mumbai that assessee is one of the beneficiaries of accommodation entries provided by one Shri. Gautam Jain Others (Surat Diamond Concerns), the assessment was reopened by issuing notice u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence. 4. The very purpose of providing accommodation entries is to create an impression of genuineness in a transaction while actually is impermissible in law. 5. When this was the situation, and when appellant was sounded, it was the duty of Appellant to provide with further evidence to prove that the transaction was genuine. Since the Appellant has not succeeded in proving a tainted transaction with additional evidence, am constrained to accept the conclusion of the Assessing Officer as in order. Therefore I confirm the addition of 6,17,463/- made by the Assessing Officer . We do not find any reason to interfere with the orders of the lower authorities. Therefore, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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