IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH,KOLKATA SHRI RAJESH KUMAR, ACCOUNTANT MEMBER SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER (Assessment Year 2011-2012)

M/s Muse Advertising And Media Private Limited, 6B, Bentinck Street, Kolkata - 700001 [PAN: AAGCM8950J] ……..…...……………....Appellant vs.

The Income Tax Officer, Ward-10(3), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 700069 ............................ Respondent Appearances by:

Assessee represented by : Akkal Dudhewala, Adv.

Department represented by : Sandeep Lakra, Addl. CIT, Sr. DR Date of concluding the hearing : 30.10.2025 Date of pronouncing the order : 20.11.2025

O R D E R

PER RAJESH KUMAR, ACCOUNTANT MEMBER The present appeal has been preferred by the assessee against the order dated 25.09.2024 passed by the Commissioner of Income-tax (Appeals), NFAC, Delhi [hereinafter referred to as the "CIT(A)"] u/s 250 of the Income Tax Act, 1961 [hereinafter referred to as the "Act"] for the AY

2011-12.

2. In Ground Nos. 1 to 4 of the appeal, the assessee has challenged the validity of the reopening of assessment u/s 147 of the Act.

3. The facts in brief are that the assessee had filed return of income for AY 2011-12 declaring total income of Rs.3,750/-. The case of the assessee was originally assessed u/s 143(3) vide order dated 25.03.2014 at total income of Rs.53,240/-. Subsequently, the case of the assessee was re-opened u/s 147 of the Act by issue of notice u/s 148 of the Act dated 27.03.2018 and the relevant portion of the reasons recorded for reopening read as under:

“On perusal of the information, it is seen that a search and seizure operation was conducted in the case of M/s Varah Infra group of Jodhpur on 21.01.2015. The main allegation against the company was that it has routed its unaccounted money in the form of share premium to various paper companies based at Kolkata. Main Bogus entry provider in this case was Shri Jagdish Prasad Purohit and his associates namely Shri Eknath Mandavkar, Shri Raj Kumar Kanodia and family members (Shri Sushil Kumar Purohit, Shri Anil Kumar Purohit and Kailash Prasad Purohit) based at Kolkata and Mumbai. The associates were working as dummy directors in the concerns managed by Jagdish Prasad Purohit. In the statement Jagdish Prasad Purohit admitted that he was an entry provider engaged in providing accommodation entries to willing companies in the form of share capital, Share premium, bogus bill, unsecured loans etc. in lieu of commission.

M/s Realtime consultants Pvt. Ltd. is the concern managed by Shri Jagadish Prasad Purohit. From investigation, it was concluded that the share capital and share premium received by the company was bogus. The company had made investment in the company Muse Advertising and Media Pvt. Ltd. to the tune of Rs.3,97,80,000/- during the F.Y. 2010-11. From the information received it has also been concluded that the above assessee company has brought back its unaccounted money/cash into their books of account. The company has thus brought back a total of Rs.3,97,80,000 into the books of account for the F.Y. 2010-11. Further the assessee company has also made transactions with the Fine link suppliers Pvt. Ltd. which has been confirmed in the information on the basis of bank statement and further investigation revealed that the assessee company was beneficiary.

Since, the investment was made are out of the bogus share capital and share application money received by the company and they are beneficiary of these bogus transactions. Thus, the assessee company was beneficiary of the amount of Rs. 3.97.80,000/- for the F.Y. 2010-11 relevant to the A.Y. 2011-12. From the report received, prima facie it also appears that the assessee company is beneficiary of Rs. 3,97,80,000/- of undisclosed income.

The enquiry revealed that the above company was not present at that address. On examination of the above facts brought on record, prima-facie it appears that the assessee company is the beneficiary of the amount