9911796707
TMI Blog2025 (3) TMI 1373X X X X Extracts X X X X X X X X Extracts X X X X ..... ank account of the Assessee's remained unexplained as per the provision of Section 68 of the Act and also held that the commission paid to JBL at 1.5% falls under the purview of unexplained expenditure u/s 69C of the Act. Accordingly, made similar additions in all the Annexures. Aggrieved by the assessment orders, the Assessee's have preferred the Appeals before the Ld. CIT(A). The Ld. CIT(A) vide orders dated 21/06/2022, dismissed all the Appeals filed by the above mentioned Assessee's. Aggrieved by the orders dated 21/06/2022,respective Assessee's have preferred the captioned Appeals. 2. The Assessee's have filed additional grounds of appeal on the issue of DIN, however, the Ld. Assessee's Representative submitted that the Assessee will not press the issue of DIN and made no submissions on the additional ground. Accordingly, the additional ground of the Assessee's are dismissed as not pressed. 3. The Ld. Counsel for the Assessee submitted that there is no mentioning of any of the Assessee's name in the seized document and the only basis for which proceedings have been initiated against the Assessee's is the cheque issued by the Jidnal Bullion Ltd. against the purchase of jewell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant has made available the return of income and computation of total income for the relevant years wherein a long term capital gain of 27,02,000/- by way of sale consideration is shown. The description of gold sold is available on the purchase memo available at page no. 33 of the paper book. The same is in terms of item, weigh and rate. The order of Ld. AO shows that the fact of sale of jewellery has been out rightly discarded and rather the explanation of this transaction of sale of jewelry has been taken as the admission of facts with regard to the alleged accommodation entry. 6. The Bench is of considered opinion that as the assessee is former Central Government Employee who retired from the office of Accountant General it can be very well believed that she must have been holding some jewelry. The ld. AO without trying to make any further inquiries from the assessee to ascertain the truthfulness of her holding of the jewellery proceeded to out rightly discard the explanation. Admittedly in the alleged incriminatory material the name of assessee is not reflected and based upon some dummy name she has been connected to the transactions. In the statement of Mr. Parul Ahluwal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ell as through banking channel were found recorded. But it is pertinent to note that the Hazir Johri Software was found and seized from the premises of JBL at the time of its search under section 132 of the Act. Hence the presumption under section 292C of the Act would apply to JBL and not to the assessee. Even though the proceedings stood initiated under section 153C of the Act on the assessee, the basic presumption under section 292C of the Act would only be on JBL. The assessee on its part had categorically denied the transactions reflected in the said HazirJohri Software by clearly stating that the entries found thereon contains transactions of various other unrelated parties with the assessee and that since assessee has introduced Shri Subodh Kumar Jain (Broker) to JBL, EktaSoni (Executive Assistant of JBL) had recorded all the transactions against assessee's name. Admittedly, the entries reflected in the said software pertains to other unrelated parties with the assessee. Admittedly, the said ledger is a combined ledger account of various transactions pertaining to other unrelated parties with the assessee and contains few transactions pertaining to the assessee. However, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is based on presumptions made by the A.O. Notably, simultaneous search action on 05.01.2017 on AnoopSoni did not detect any material or evidence to establish or even suggest that he was engaged in unaccounted and undisclosed transactions involving sale/purchase of gold in cash outside books of accounts. 31. The entire addition by treating the account AP as belonging to AnoopSoni has been made on the basis of presumption drawn and the statement of Shri Parul Ahluwalia. However, statement of the assessee has not been recorded on this issue either at the time of search, post search inquiries or even during the assessment proceedings. A careful examination of the account AP as reproduced in the assessment order would reveal that in the remarks column various acronyms have been used against different transactions such as JD, KCX, RBG Overseas, KMTY, Oven AJ, JBL Coins, Oppo Mobile, Satia, Ishaan, Anshul, Vinod 8676, Guddu etc. These abbreviations show that the transaction recorded is neither through bank nor cash because since specific acronyms have been used, these transactions cannot be inferred to be pertaining to the assessee even if it is presumed with account AP belongs to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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