TMI Blog2021 (3) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, which was returned unserved, the assessee has filed confirmations along with evidences of three of the investors before the Assessing Officer. We have perused the order of the learned CIT(A) carefully and find that the learned CIT(A) has dealt with each and every relevant aspect of the matter in detail and as such the learned CIT(A) has rightly deleted the addition on the ground that the Assessing Officer has relied upon the statement of Shri Pravin Kumar Jain which has been retracted later and, therefore, the same cannot be the basis for addition under Section 68 - Decided against revenue. - ITA NO. 1179/MUM/2019 (A.Y: 2009-10) - - - Dated:- 21-1-2021 - SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 1,90,00,000/- from the said parties related to Shri Pravin Kumar Jain and not ₹ 2,40,00,000/-. On the basis of the addresses and details provided by the assessee, the Assessing Officer issued notice under Section 133(6) of the Act to the said parties. The notice issued to Nakshatra Business P. Ltd. (Hema Trading Co. P. Ltd.) was received back unserved. However, the details called upon from this party were filed before the Assessing Officer in tapal to prove the genuineness and creditworthiness of the share subscribers. However, no details were provided in respect of the remaining three shareholders. Thereafter, the Assessing Officer discussed the modus operandi through which Shri Pravin Kumar Jain and related entities used to ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also noted in para 2.4.2.4 that Shri Pravin Kumar Jain has retracted his statement made during the course of search and, therefore, no cognizance of the same can be taken and therefore addition cannot be made under Section 68 of the Act based upon such a statement. The learned CIT(A) in para 2.4.2.8 has noted that the Assessing Officer has only referred to the modus operandi in general by Shri Pravin Kumar Jain and related entities and nowhere it is alleged that the assessee has been provided with accommodation entries and accordingly, he held that the Assessing Officer is not justified in placing reliance on the statement of Shri Pravin Kumar Jain, which has been retracted subsequently. In para 2.4.2.9, the learned CIT(A) noted that even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove the genuineness of the transactions and identity and creditworthiness of the investors, however, the Assessing Officer has not conducted any further inquiry to bring on record evidences to the contrary or to disprove the evidences as filed by the assessee. We note that though the Assessing Officer has issued show cause notices under Section 133(6) of the Act, which was returned unserved, the assessee has filed confirmations along with evidences of three of the investors before the Assessing Officer. We have perused the order of the learned CIT(A) carefully and find that the learned CIT(A) has dealt with each and every relevant aspect of the matter in detail and as such the learned CIT(A) has rightly deleted the addition on the ground th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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