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Showing contexts for: JMD in Devki Nandan Bindal, New Delhi vs Ito, Ward- 46(3), New Delhi on 18 December, 2019Matching Fragments
the same day or very next day to the beneficial entity after deducting commission. Also receiving cash from beneficial concerns who took bogus sales and returning the amount through bank accounts of the concern operated by Shri Kishori Sharan Goel and his Associates. In his statement, Shri Kishori Sharan Goel has admitted that certain concerns were controlled by him through the proprietors that are merely signing authorities and were used for providing bogus bills/accommodation entries of sales/ purchases to various parties. In his statement, he has specifically admitted in his reply to question No.17 that the Firm M/s. JMD International whose operator is Shri Anand Singh has been used for providing accommodation entries. Further, on examination of statement of Bank A/c. No. XXXX560939 of M/s. JMD International maintained with Axis Bank, it was found that M/s. Yogesh Trading Co., 6244-C, Kucha Shiv Mandir, Katra Baryan, Fetehpur, Delhi has entered into a transaction on 4th March, 2010 of Rs.15 lacs. The A.O, therefore, noted that there is escapement of income and recorded reasons for reopening of assessment.
ITA.No.4271/Del./2019 Shri Devki Nandan Bindal, Delhi.
Notice under section 148 was issued to the assessee, but, same was not complied with. The show cause notice Dated 11th December, 2017 was also served through affixture on 11th December, 2017. Since no compliance was made, A.O. proceeded under section 144 of the Income Tax Act, 1961. The A.O. noted that there are deposits in Bank from M/s. JMD International a sum of Rs.53,06,51,396/-. From the perusal of the Investigation report and statement of Shri Kishori Sharan Goel, it is evident that M/s. JMD International has been used by him for providing bogus accommodation entries. During the year M/s. Yogesh Trading Co. whose proprietor is assessee, has made payment of Rs.15 lacs to M/s. JMD International. Therefore, it is not a genuine transaction. The assessee was asked as to why the above said amount i.e., deposit in the Bank account and transaction amount of M/s. JMD International be not treated as his income from undisclosed source. No reply have been filed by the assessee. The A.O. on the basis of the report of Investigation Wing and statement of Shri Kishori Sharan Goel found that M/s. JMD International was ITA.No.4271/Del./2019 Shri Devki Nandan Bindal, Delhi.
running only on paper and was not doing any actual business. Therefore, payment of Rs.15 lacs to M/s. JMD International is nothing but an accommodation entry taken by the assessee. Further the assessee has not offered any explanation regarding this anomaly. Therefore, it was construed that assessee has no explanation to offer in this regard. Therefore, A.O. held that assessee has taken accommodation entry of Rs.15 lacs from M/s. JMD International. The A.O. accordingly made addition of Rs.15 lacs on account of unexplained expenditure. The A.O. further observed that assessee has no explanation about the deposits totaling to Rs.53,06,51,396/-. The A.O. since has disallowed Rs.15 lacs, therefore, made further addition of Rs.52,91,51,396/- and passed the assessment order under section 144/147 of the Income Tax Act, 1961, Dated 26th December 2017.
Sd/-AMIT KUMAR Income Tax Officer Ward 46(3), New Delhi.
7.1. In the aforesaid reasons the A.O. has reduced the crux of the Investigation report and statement of Shri ITA.No.4271/Del./2019 Shri Devki Nandan Bindal, Delhi.
Kishori Sharan Goel and came to the conclusion that assessee has entered into transaction on 4th March, 2010 for a sum of Rs.15 lacs with M/s. JMD International. The A.O, thereafter, recorded reasons for reopening of the assessment that assessee has taken accommodation entry through M/s. JMD International and, therefore, amount of Rs.15 lacs has escaped assessment. The A.O, however, while passing the assessment order has noted that assessee has made payment of Rs.15 lacs to M/s. JMD International. The A.O. in his findings has recorded inconsistent, wrong and incorrect findings that payment of Rs.15 lakh was made to M/s. JMD International and in the same line it is stated that it is nothing but an accommodation entry taken by the assessee. Again he has held in the assessment order that assessee has taken accommodation entry of Rs.15 lacs from M/s. JMD International which has to be added in his hand. However, while concluding the issue, he has made addition of Rs.15 lacs on account of unexplained expenditure. All these facts clearly show that A.O. has not applied his mind to the information received from Investigation Wing. It is ITA.No.4271/Del./2019 Shri Devki Nandan Bindal, Delhi.