9911796707
TMI Blog2024 (1) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... being adjudicated by a common order. 2. The Revenue has raised the following grounds of appeal in ITA No. 208/Del/2022: "1. That on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in deleting the addition of Rs 2,85,37,640/- made on account of undisclosed sources u/s 68 for unexplained entries in bank account ignoring the fact that assessee has failed to produce any concrete and any additional evidences in support of its contention. 2. That on the facts and in the circumstances of the case, the Ld. CIT (A) has erred in deleting the addition of Rs. 71,344/- made on account of unaccounted commission, ignoring the fact that the assessee has failed to disclose the commission earned from providing accommodation en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout pointing out any defect in the evidences filed by the assessee. 6. On the facts and circumstances of the case, the learned CIT (A) has erred both on facts and in law in holding that the assessee is involved in providing and taking accommodation entries in the form of share application money or unsecured loans." 4. The assessee is a Private Limited company and is engaged in the business of trading. The assessee filed return of income on 28.09.2012 declaring a total income of Rs.1,06,230/-. Thereafter, a search and seizure operation was carried out on the business & residential premises of Anand Jain and Naresh Jain group of cases on 17.12.2015. The case of the assessee company is covered under 153C of the Act, 1961 and satisfactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hers who have floated various concern including the assessee company through which the entries have been routed through. The commission earned by these two brothers already stands adjudicated determining the total commission earned on the entries given through various entities. Hence, no separate commission can be taxed in the hands of the assessee as the commission already stands taxed in the hands of the entry operators in individual capacity. 11. Heard the arguments of both the parties and perused the material available on record. 12. We have examined the ratio of the ld. CIT(A). The ld. CIT(A) held that the AO in the assessment order has claimed to have identified the names of beneficiaries and already disseminated the information to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011 23,767 02.07.2011 Jagriti Overseas Pvt. Ltd. 127,726 Anil Kumar Singla 29.04.2011 24,826 02.07.2011 Jagriti Overseas Pvt. Ltd. Haryana Institute of Technology 10.08.2011 102,900 10.08.2011 SR Buildcon Pvt .Ltd. 3,000,000 Yuga Estate Pvt. Ltd. 10.08.2011 2,500,000 10.08.2011 SR Buildcon Pvt. Ltd. Haryana Institute of Technology 10.08.2011 500,000 10.08.2011 Macro IT System Pvt. Ltd. 300,000 Haryana Institute of Technology 10.08.2011 300,000 11.08.2011 Sai Infoweb Pvt. Ltd. 500,000 Haryana Institute of Technology 10.08.2011 97,100 Sai Infoweb Pvt. Ltd. J.P. Art 11.08.2011 402,900 11.08.2011 H.J Books Agency 1,754,162 J.P. Art 11.08.2011 1,754,162 11.08.2011 Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng various shell concerns including the appellant for providing accommodation entries in lieu of commission and taking that logic there is no question of charging of commission income in the hands of the appellant company arises, since nothing has been earned by the company, being the shell concern. 15. Since, the commission already stands taxed in the hands of the entry operators in their individual capacity, no separate commission can be charged in the hands of the pass through/ companies floated by the entry operators. As the assessee is found to be one of such pass-through entity, we decline to interfere with the order of the ld. CIT(A) in deleting the commission charged. 16. Cross Objections are not pressed. 17. In the result, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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