- (1.) All these four appeals arise out of the common order of the Income Tax Appellate Tribunal, New Delhi dated 29.52015 allowing the appeals of the assessee respondent for the assessment years 2007-08,2008-09, 2009-10 and 2011-12.
(2.) Since the facts are identical and the legal questions arising in all appeals are common, it is considered appropriate to deal with the facts as stated in the appeal concerning assessment year 2007-08 and to decide the legal controversy on the basis of the facts pertaining to the said appeal.
(3.) The case of the assessee respondent for the relevant assessment year was selected for scrutiny. On the basis of the information received from DIT (Investigation) regarding accommodation entries provided to the respondent assessee by some dummy/paper companies which actually had no existence, the respondent assessee was given notice dated 25.3.2013 under Section 148 of the Income Tax Act, 1961 (In short of the Act). Accordingly, an order of revised assessment was passed by the Additional Commissioner on 20.2.2014 computing the taxability of the respondent assessee by adding Rs. 1,50,00,000/- to its income on account of bogus entries treating it as unexplained share application money under Section 68 of the Act. The appeal of the assessee respondent against the aforesaid assessment was dismissed vide order dated 13.11.2014. by CIT (Appeals).;