DEEPAK BHANWARLAL JAIN, MUMBAI V. ASSISTANT COMMISSIONER OF INCOME TAX -CC-5(1), MUMBAI

ITA 4028/MUM/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 1197 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-07-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 30-06-2024
• Assessment Year: 2020-2021
• Appeal Filed On: 08-11-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: HIMANSHU SHARMA
• Section: 69A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA no.4028/Mum./2023 (Assessment Year : 2020-21) Deepak Bhanwarlal Jain 104, Said Shakti Tower, Jesal Park, Bhayander East, Thane, 401105 PAN – ACWPJ8573D ................ Appellant v/s ACIT-CC-5(1) 1928, 19 th Floor, Air India Building, Nariman Point, Mumbai-400021 ................ Respondent Assessee by :None Revenue by :Shri Himanshu Sharma, CIT- DR Date of Hearing –01/07/2024 Date of Order – 03/07/2024 O R D E R PER NARENDRA KUMAR BILLAIYA, A.M. This appeal by the assessee is preferred against the order of the learned Commissioner of Income Tax Appeal-53, Mumbai dated 12/09/2023 pertaining to A.Y.2020-21. 2. The solitatry grievance of the assessee is that the learned CIT(A) erred in confirming the addition of Rs.4,626/- made u/s 69A of the Act. Deepak Bhanwarlal Jain. ITA no.4028/Mum/2023 Page | 2 3. None appeared on behalf of the assessee inspite of notice. We heard the DR at length. The case record was carefully perused. 4. Briefly stated the facts of the case are that during the search inquiries of Shri Deepak Jain, it came to the notice of the department that Shri Deepak Jain was providing accommodation entries to the beneficiaries and in his statement dated 10/11/2019, Shri Deepak Jain admitted that he provides the accommodation entries to various concerns through his five (5) entities. He also admitted of having provided accommodation entries to M/s. RPS and Skyway Group in the form of bogus and unsecured loans. The First Appellate Authority was convinced that the assessee must have earned net commission of Rs.0.15% and confirmed the addition of Rs.4,626/-. 5. Since similar additions have been made for AY. 2014-15 to AY. 2019-20 following the precedents, we do not find any error or infirmity in the findings of the learned CIT(A),the appeal accordingly dismissed. 6. In the result, the appeal by the assessee is dismissed. Order pronounced in the open Court on 03/07/2024 Sd/- RAHUL CHAUDHARY JUDICIAL MEMBER Sd/- NARENDRA KUMAR BILLAIYA ACCOUNTANT MEMBER MUMBAI, DATED: 03/07/2024 Vijay Pal Singh, (Sr. PS) Copy of the order forwarded to: (1) The Assessee; Deepak Bhanwarlal Jain. ITA no.4028/Mum/2023 Page | 3 (2) The Revenue; (3) The PCIT / CIT (Judicial); (4) The DR, ITAT, Mumbai; and (5) Guard file. True Copy By Order Assistant Registrar ITAT, Mumbai