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TMI Blog2023 (8) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... 2013-14. 2. Since the present batch of appeals arise out of a similar factual matrix and involve common issues, therefore, as a matter of convenience, these appeals were heard together and are being disposed off by way of this consolidated order. The assessee has raised similar grounds in the present appeals, therefore, the grounds raised in assessee's appeal being ITA no.1402/Mum./2023, for the assessment year 2008-09, are reproduced as under for reference:- "I. The learned Commissioner of income Tax (Appeal) has erred in not allowing the appellant company's appeal for disapproving the learned Assessing officer's view of rejecting the Books of Accounts and Income of appellant by invoking the provision of section 145 (3) of the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ench of the Tribunal. Accordingly, it was submitted that the additions made on a protective basis be deleted in the hands of the assessee in the present appeals. 4. On the other hand, the learned Departmental Representative vehemently relied upon the order passed by the lower authorities. 5. We have considered the submissions of both sides and perused the material available on record. The brief facts of the case as emanating from the record are that the assessee has claimed to be engaged in the business of trading in diamonds and other commodities, investment in shares, and money lending. A search and seizure action under section 132 of the Act was conducted by DDIT (Investigation), Mumbai in the case of Mr. Praveen Kumar Jain on 01/10/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eized from this premises, it was observed that the books of accounts of 71 concerns, including the assessee, were maintained at this premises, which are shown to be in the name of various persons but actually controlled, managed, and operated by Mr. Praveen Kumar Jain. The Assessing Officer also referred to the statement recorded by Mr. Praveen Kumar Jain, wherein he admitted that these companies, including the assessee, are under his or his close associates'/family members' control. Considering the fact that the transactions recorded by the assessee are only bogus transactions entered into with the specific motive to provide accommodation entries to interested parties against some commission, the book results disclosed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ought to the notice of the Bench by the Ld.DR for the Revenue that in hundreds of cases, Shri Pravin Kumar Jain has provided accommodation entry for unsecured loans, bogus share application money, etc. without carrying out any real business, but operating through dummy / paper companies. So in these circumstances, we are of the considered view that the Assessing Officer as well as Ld.CIT(A have rightly quantified the unaccounted commission earned by the assessees during the year under consideration from 54 companies which is nothing but a huge network of unlawful business to evade the tax for companies operating through them and by the assessee themselves also. Rather, they are in to money laundering. 18. In view of what has been discusse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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