9911796707
TMI Blog2022 (7) TMI 1515X X X X Extracts X X X X X X X X Extracts X X X X ..... ng grounds have been raised by the assessee: "The Learned Commissioner of Income Tax Appeal have passed an erroneous and unlawful order and confirmed the additions made on basis of incorrect and false details worked out at the assessment stage and further confirmed the same. That the assessees have contested at the time of assessment. That the following account does not belong to the assessee. Sr. No. Name of Concern Account Number Name of Bank Transaction Amount/ Accommodation Entries Name of Proprietor Rate of Comm. Per lacs Amount of Commission 1 Choudhary and Co. 1552320005555 HDFC 7970056 Pankaj Tripathi 150 11955 2 Choudhary and Co. 15622560000162 HDFC 8565000 Pankaj Tripathi 150 12847 3 Rishabh Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he total amount of entries given are as under: Sl. No. Assessment Year Amount of accommodation entries given 1. 2011-12 Rs.18,91,66,031 2. 2012-13 Rs.67,52,96,907 3. 2013-14 Rs.1,53,55,00,544 4. 2014-15 Rs.1,55,76,56,238 5. 2015-16 Rs.1,22,22,16,247 5. During the statement, the assessee has submitted the list of proprietary concerns and firms through which the accommodation entries have been given to various concerns which are as under: Proprietary Concerns: 1. Delhi Traders 2. Jai Bharat Foods 3. Rishabh Foods 4. Mohit Trading 5. Chaudhary & Company (My wife's concern) 6. Chaudhary Traders 7. Ganesh Trading Company 8. Rama Traders 9. Ram Prakash Enterprises 10. Ram Prakash Bhatia 11. Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... calculation of the commission amount. 10. None appeared on behalf of the assessee. 11. The ld. DR has argued that the commission of 0.15% has been determined after taking into consideration, the multiple entries of the same amount routed through different accounts. It was argued that otherwise the normal commission rate determined by the Tribunals and High Courts in a number of cases ranged from 1.5% to 3% on the accommodation entries provided. 12. We have gone through the statement of the assessee recorded u/s 131(1A), the bank accounts operated by him which are in his own name and which are in the name of others. Keeping in view, the entirety of the accommodation entries, we do not hesitate to hold that the commission earned by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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