2012-13 dated 07th
March, 2014 in respect of beneficiaries of Accomodation Entries in the nature of Sales,
Unsecured Loans and Share Application Money issued ... Companies controlled and managed by
Praveen Kumar Jain giving the Accomodation entries.
As per the said information, it is seen the Assessee, Chetan Rajnikanth Shah
account of sale of diamond which has been treated as
accomodation entry and consequential additon of commission at the rate
of 8%.
2. Facts ... sale of diamonds declared under VDIS
was nothing but an accomodation entry. The AO following the finding in
those cases added
Assessee has taken accomodation entry of Rs. 65478799/- through the
Penny Stock of Achal Investment Ltd.
1. The Modus Operandi (MO) of the whole operation ... credible information available with
the Department that the assessee has taken accomodation entry of Rs.
65478799/- through the Penny Stock of Achal Investment Ltd. During
have facilitated this
transaction have stated that they have provided accomodation entry in lieu of a
commission.
As conservative estimate, it is reasonable to presume ... been paid in cash to the entry operators for facilitating the
accomodation entry. Thus, an amount
have facilitated this
transaction have stated that they have provided accomodation entry in lieu of a
commission.
As conservative estimate, it is reasonable to presume ... been paid in cash to the entry operators for facilitating the
accomodation entry. Thus, an amount
stated by any of the four persons that they have given accomodation entries to the
assessee. The statement is vague and general and no specific ... basis of statement recorded in survey without specific allegation of any
accomodating entries and bills by these parties to the assessee. He has referred
various beneficiaries. The assessee is also stated to have
received accomodation entry of Rs.60 Lacs from M/s White Collar
Management Pvt. Ltd. which ... Companies. It has been
alleged that the said group provided accomodation entries against
cash and since the assessee received unsecured loan from
another
notice, also provided its response in respect of the alleged accomodation
entries, which were reported by the Investigation Wing. However, the
objections filed
under
point 2 of the table under the caption "Accomodation entries of bogus
purchases provided by assessee". If entries of bogus purchases
relevant observations of the A.O that the
assessee had taken accomodation entries from the dummy concerns
of Bhanwarlal Jain group, viz. M/s Jewel
