established the genuineness of the
transaction.
The investors were not accommodation entry providers but were world renowned
private equity investors and very high tax paying
come to
the notice that the assessee company has taken
accommodation entries from one of the companies of Sh.
Sanjay Rastogi, i.e., Hallmark Helathcare ... have taken accommodation entry. It was stated by
him that after receipt of cheques by companies seeking
accommodation entry or bogus entry, money was taken
assessment order his business has been described as "accommodation entry giver". He is also a director of Bemco Jewellers Private Ltd. There ... commission on accommodation entries in two parts, namely, (i) on activities which have been accepted by the assessee to be accommodation entries (share transaction
laundering mechanism wherein it was
established that bogus accommodation entries
were being provided. These accommodation
entries are received in lieu of payment of cash ... that case that the
modus operandi used by the entry provider s for
providing accommodation entry to different
persons/beneficiaries was very similar
Date on which Name of Account
which entry taken Entry taken Holder of entry
giving account
141581 23-May-02 SAAR Enterprises ... Bank from which Branch of A/c No. entry giving
entry given entry giving account
bank
Corpn. Bank Paschim Vihar 52116
Corpn. Bank Paschim Vihar
accommodation entry purpose however I confirm that the
accounts of M/s Max-well Securities (P) Ltd. are mostly used
for accommodation entries. Regarding rest ... have been
paid for the accommodation entries. It was found that since Assessee
company had taken accommodation entries to the tune of Rs. 3.60 crores
pending). Shri Deepak Gupta has allegedly
admitted that he was providing accommodation entries to the assessee. It has
been contended on behalf of the revenue ... business
activity accept that of providing accommodation entries as described
above that of providing accommodation entries as described above, it
is seen that the assesee
assessment years 2002-03 in the form of cheques/ DD as accommodation entries
from various persons/ concerns. Accordingly, the AO reopened the assessment by
issuing ... companies
which were non genuine entities and were giving only accommodation
entries. The companies from which entries were received belong to Mahesh
Garg group. This
accommodation entries from 28 entry
providers to the tune of Rs. 2,39,83,261/- by way of bogus purchases . The
accommodation entry providers ... hawala/accommodation entries for bogus purchases
from 28 entry providers to the tune of Rs. 2,39,83,261/- from these
accommodation entry providers
entries at page number 45 also clearly explain the nature of transactions in Neil industries limited is that of providing ''accommodation entries ... entries at page number 45 also clearly explain the nature of transactions in Neil industries limited is that of providing ''accommodation entries
